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On Jan 1, 2014 Parent company sells equipment to Subsidiary Company a 90% owned subsidiary with a book value of ?375,000 for ?450,000. The original cost is ?675,000 and accumulated depreciation is ?300,000. Estimated remaining life of equipment is three years.
Required:
Question 1: Entry in the books of Parent company
Question 2: Entry in the books of subsidiary company
Question 3: Entry to record the depreciation in the books of Subsidiary company
Question 4: Entry to eliminate the intercompany gain & restore to its original cost
Question 5: Entry to adjust/eliminate depreciation to the correct amount to the consolidated entity.
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