On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary. Pink paid $13,00 for this machine. On January 1, 2019, accumulated depreciation was $4,500. The remaining useful life is assumed to be 5 years. Straight line depreciation is used by both companies. In pink's December 31, 2019 consolidated balance sheet, at what amount should accumulated depreciation be reported?
On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary. Pink paid $13,00 for this machine. On January 1, 2019, accumulated depreciation was $4,500. The remaining useful life is assumed to be 5 years. Straight line depreciation is used by both companies. In pink's December 31, 2019 consolidated balance sheet, at what amount should accumulated depreciation be reported?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 7RE: Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of...
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On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary. Pink paid $13,00 for this machine. On January 1, 2019,
In pink's December 31, 2019 consolidated
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