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Question - Company A sells equipment to company B which is outside the normal course of business
Company A owns 30% of Company B shares
Selling price was $ 50,000 which is its approximate fair value
Carrying value of equipment in Company A books is $ 30,000
Tax rate is 30% for all parties
Required -
a) Prepare Day 1 journal entry for both Companies.
b) How would the answer change if Company A and B were related under common control? Prepare the initial journal entries.
c) How would the answer change if Company A owned 60% of Company B? Prepare the initial journal entries.
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