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By how much will x consolidated net income

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Problem - X Inc. owns 80% of Y Inc. During 20x8, Y Inc. sold equipment to X for $485,000. The equipment had an original cost to Y of $355,000, a net book value of $275,000, and a remaining useful life of 6 years at the time of the sale. If no consolidation elimination entries are prepared to eliminate this transaction, by how much will X's consolidated net income be overstated for the year ended December 31, 20x8. Ignore income taxes.

Reference no: EM133010595

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