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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?
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