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B326 Advanced Financial Accounting Assignment

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B326 Advanced Financial Accounting Assignment - Arab Open University, Saudi Arabia

Question - On January 1, 2017, HHH Corporation purchased a truck with a useful life of five years, and a salvage value of $8,000. On January 1, 2019, HHH sold the truck to DDD Corporation. DDD assumed the same salvage value and remaining life of three years used by HHH. Straight-line depreciation is used by both companies. On January 1, 2019, HHH recorded the following journal entry:

Debit Credit

Cash 50,000

Accumulated depreciation 18,000

Truck 53,000

Gain on Sale of Truck 15,000

DDD holds 60% of HHH. HHH reported net income of $55,000 in 2019 and DDD's separate net income (excludes interest in HHH) for 2019 was $98,000.

In the eliminating/adjusting entries on consolidation working papers for 2019, the Truck account was:

A) debited for $3,000.

B) credited for $15,000.

C) debited for $15,000.

D) credited for $3,000.

Reference no: EM133030773

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