Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1, at underlying book value. On January 1, 20X5, Frazer received $210,000 from Minnow for a truck Frazer had purchased on January 1, 20X2, for $300,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis.
Required
a. Give the workpaper eliminating entry or entries needed at December 31, 20X5, to remove the effects of the intercompany sale.
b. Give the workpaper eliminating entry or entries needed at December 31, 20X6, to remove the effects of the intercompany sale.
ANSWER TO B
Truck
Accumulated Depreciation
Minnow Corp.
210,000
Actual
35,000
90,000
5,000
120,000
Frazer Corp.
300,000
"As If"
150,000
Eliminate the Gain on Truck and Correct Asset's Basis:
Investment in Minnow Corp.
30,000
Depreciation Expense
MY QUESTION IS JUST HOW IS THE 5,000 CALCULATED FOR THE ACCUMULATED DEPRECIATION??????????????
wright corporation began its operations on september 1 of the current year. budgeted sales for the first three months
Use your Learning Benchmarks (initial and final), Mid-Placement Report and Evaluations, to carefully plan a professional PowerPoint presentation.
The partners' relative interests in the Sec. 751 assets do not change as a result of the current distribution. The basis of her partnership interest following the distribution is:
The accountant is bound to inform officials only if she stands to personally gain (make money) from knowledge of the illegal act. The accountant must exercise personal judgment; a clear-cut answer does not exist given the limited information provi..
department g had 3600 units 25 completed at the beginning of the period 11000 units were completed during the period
1.At January 1, 2013, Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $20 million, 10% unsecured note.
harmony corporation manufactures and sells a single product. in preparing the budget for the first quarter the companys
on january 1 2007 the horton corporation issued 10 bonds with a face value of 200000. the bonds are sold for 196000.
presented below is pre-tax financial information of the mickey corporation for 20x8.cost of goods
A company reports sales revenue of $200 million the current year and $180 million last year. Their total assets in the current year are $150 million and last year's total assets were $130 million. What is the current year's asset turnover ratio?
A study was done at Penn State to determine the attitudes students have regarding students carrying guns on campus. The study design involved randomly selecting 50 students from each class standing: Freshman, Sophomore, Junior, Senior, and Graduat..
There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd