Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash. Pit's original cost of the equipment was...




Pit Coporation owns 75% of Stop Company's outstanding common stock.  On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash.


Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000.  The
remaining
useful life of the equipment is 10 years, and Stop will use that same usefull life.  Both companies use the straight line method of depreciation.


The
Year-End Consolidated Financial Statements would include:


Consolidated Loss on Sale in the amount of:  $______________


Consolidated Depreciation Expense in the amount of $____________


Consolidated Equipment in the amount of $_______________


Consolidated Accumulated Depreciation in the amount of $__________





Jun 10, 2022
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