Make general journal form the workpaper entries necessary

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Question - Powell Company owns 80% of the outstanding common stock of Sullivan Company. On June 30, 2014, Sullivan Company sold equipment to Powell Company for $549,200. The equipment cost Sullivan Company $766,400 and had accumulated depreciation of $409,600 on the date of the sale. The management of Powell Company estimated that the equipment had a remaining useful life of four years from June 30, 2014. In 2015, Powell Company reported $285,800 and Sullivan Company reported $187,600 in net income from their independent operations (including sales to affiliates but excluding dividend or equity income from subsidiary).

Required - Prepare in general journal form the workpaper entries necessary because of the intercompany sale of equipment in: the consolidated financial statements workpaper for the year ended December 31, 2014.

Reference no: EM132562121

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