Net of depreciation-consolidated balance sheet

Reference no: EM13132448

Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2009, Clemente sold some equipment to Snider for $125,000. The equipment had cost $140,000. At the time of the sale, the balance in accumulated depreciation was $40,000. The equipment had a remaining useful life of five years and a $0 salvage value. Straight-line depreciation is used by both Clemente and Snider.

At what amount should the equipment (net of depreciation) be included on the consolidated balance sheet dated December 31, 2009?

Reference no: EM13132448

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