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Determine the consolidated equipment on December

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Problem - On January 1, 20x7 Mamba sold the equipment for 110,000 when its book value was 85,000 and it had a 5-year remaining useful life with no expected salvage. Separate balance sheets for Mamba and King included the following equipment and accumulated depreciation amounts on December 31, 20x7.

 

Mamba

King

Equipment

750,000

300,000

Accumulated Depreciation

(200,000)

(50,000)

Equipment-net

550,000

250,000

Required -

1) Determine the consolidated equipment on December 31, 20x7?

2) Determine the consolidated accumulated depreciation on December 31, 20x7?

Reference no: EM133047947

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