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The X Company's 2015 financial statements disclosed the following transaction with Y Company that was formed by X-
"In June 2015, Y purchased machinery from X for $100 million. Y paid X $30 million in cash and the balance in an interest bearing note for $70 million. X recognized $67million pre-tax earnings related to this asset sale"
Required:
Problem 1: Determine how this transaction should have been accounted for assuming:-
i. X controlled Y and used consolidated financial statements to report the investment in Y
ii. X had significant influence and used the equity method to report the investment in Y.
iii. X did not have control or significant influence over Y
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