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Question - Patton Co. owns 90% of the outstanding stock of Sloan Co. On January 1, 2018 Patton sold equipment to Sloan for $420,000. The original cost of the equipment was $600,000 and had a book value of $300,000 on January 1, 2018. The estimated remaining useful life is 6 years from the date of the purchase. Patton uses the partial equity method to account for its investment in Sloan. Sloan Co. reported net income of$370,000 and Patton Co. reported net income of $1,040,000 from their independent operations for the year ended December 31, 2018. 10
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