Reference no: EM131328048
Assignment
1. Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1. On December 31, 20X1 Frazer received $210,000 from Minnoq for a truck. Frazer had purchased on January 1, 20X2, for $300,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis.
Required:
a. Give the worksheet eliminating entry or entries needed at December 31, 20X5, to remove the effects of the inter company sale.
b. Give the worksheet eliminating entry or entries needed at December 31, 20X6, to remove the effects of the intercompany sale.
2. Transfer of Depreciable Asset at Beginning of Year
Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1. On January 1, 20X5, Frazer received $245,000 from Minnow for a truck Frazerhad purchased on January 1, 20X2, for $300,000. The truck is expected to have a 10-year usefullife and no salvage value. Both companies depreciate trucks on a straight-line basis.
Required
a. Give the worksheet eliminating entry or entries needed at December 31, 20X5, to remove the effects of the intercompany sale.
b. Give the worksheet eliminating entry or entries needed at December 31, 20X6, to remove the effects of the intercompany sale.
|
Select the topic you would like to explore
: you will choose the topic you would like to explore, offer some information on what interests you about this topic, and supply a working thesis and key ideas you would like to develop. Though it might seem early to choose your topic, with only fiv..
|
|
Find the time it hits the ground
: A pomegranate is thrown from ground level straight up into the air at time t = 0 with velocity 64 feet per second. Its height at time t seconds is f(t) = -16t2 + 64t. Find the time it hits the ground and the time it reaches its highest point. What ..
|
|
How long is the object in the air before it hits the ground
: When will the object reach its maximum height?
|
|
Complete the journal entry
: Complete the Journal entry. Reflecting on your mindset.- This is Sally's journal entry. Sally doesn't approach her journal assignment as a way to please her instructor nor does she simply complete it and cross it off her checklist of assignments.
|
|
Give the worksheet eliminating entry or entries needed
: Give the worksheet eliminating entry or entries needed at December 31, 20X5, to remove the effects of the inter company sale. Give the worksheet eliminating entry or entries needed at December 31, 20X5.
|
|
Find the stopping distances required by an alfa romeo
: According to Car and Driver, an Alfa Romeo going at 70 mph requires 177 feet to stop. Assuming that the stopping distance is proportional to the square of velocity, find the stopping distances required by an Alfa Romeo going at 35 mph and at 140 m..
|
|
Which metals is commonly used for electrical wires
: 006026RR- Which one of the following metals is commonly used for electrical wires? Which of the following organizations would maintain records of tested electrical equipment?
|
|
Find a formula for poiseuille''s law
: Find a formula for Poiseuille's Law, given that the rate of flow is proportional to the fourth power of the radius.
|
|
Describe the core conflict represented in the story
: All stories have a theme that forms the plot. Also, literary elements and techniques contribute to creating and highlighting the theme. Reflect on the theme and literary elements and techniques in the story you have chosen to read.Describe the cor..
|