Reference no: EM133108917
Question 1 - Company A and Company B are related companies subject to consolidation. On 1/1/2X, Company A sold machinery to Company B for $200,000 cash that had an original purchase price of $150,000, useful life of 10 years, accumulated depreciation at the time of sale of $75,000, and was expected to be continued to be depreciated at $15,000 per year had it not been sold. Company B placed the machine in service on 1/1/2X, and is depreciating it over 4 years using straight-line depreciation. On consolidation:
Will Machinery need to be adjusted with a debit or a credit?
How much will Machinery need to be adjusted by?
Will Accumulated Depreciation need to be adjusted with a debit or a credit?
How much will Accumulated Depreciation need to be adjusted by?
Will Depreciation Expense need to be adjusted with a debit or a credit?
How much will Depreciation Expense need to be adjusted by?
Will a Gain or Loss on the sale need to be adjusted?
Will the gain or loss needed to be adjusted with a debit or a credit?
How much will the gain or loss need to be adjusted by?
Question 2 - Company A and Company B are related companies subject to consolidation. On 1/1/2X, Company A sold inventory to Company B for $200,000 cash that had a cost of $40,000 and Company B paid for it. Company B subsequently sold half that inventory during the year at a sales price of $250,000 to unrelated third parties. On consolidation:
Will Sales need to be adjusted with a debit or a credit?
How much will sales need to be adjusted by?
Will Inventory need to be adjusted with a debit or a credit?
How much will Inventory need to be adjusted by?
Will COGS need to be adjusted with a debit or a credit?
How much will COGS need to be adjusted by?
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