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What was the amount of the credit to depreciation expense

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Question

On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre Corporation, for $40,000. At the time of the transfer, the asset had an original cost (to Republic) of $60,000 and accumulated depreciation of $25,000. The equipment has a five year estimated remaining life.

Barre reported net income of $250,000, $270,000 and $310,000 in 2020, 2021, and 2022, respectively. Republic received dividends from Barre of $90,000, $105,000 and $120,000 for 2020, 2021, and 2022, respectively.

What was the amount of the gain or loss on the sale of equipment reported by Republic on its pre-consolidation income statement in 2020?

What was the amount of the credit to depreciation expense on the 2021 consolidation worksheet?

Reference no: EM132405282

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