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Determine equipment should be reported on the december

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Reference no: EM132754879

Problem 1: P Corp. owns 90% of the outstanding common stock of S Company. On December 31, 2017, S sold equipment to P for an amount greater than the equipment's book value but less than its original cost. The equipment should be reported on the December 31, 2017 consolidated balance sheet at:

a) P's original cost less 90% of S's recorded gain.
b) P's original cost less S's recorded gain.
c) S's original cost.
d) P's original cost.

Reference no: EM132754879

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