Prepare the appropriate eliminating entries for transaction

Assignment Help Accounting Basics

Reference no: EM13171177

1. Parent Company owns 90% of the stock of Subsidiary company.

2. On 1/1/02, Subsidiary company purchased equipment at a cost of $24,000. Subsidiary company depreciates this asset over a 12 year life using straight-line depreciation and no salvage value.

3. 1/1/04 Subsidiary company sold the equipment to parent company for $25,500. Parent company depreciates this equipment over its remaining 10 year life using straight-line depreciation with no expected salvage value.

REQUIRED: Prepare the appropriate eliminating entries for this transaction which would appear on the year-end December 31, 2005 worksheet. (Note the date asked for 12/31/05)

Reference no: EM13171177

Questions Cloud

What is the po43- concentration of the stock solution : A stock solution is prepared by adding 22 mL of 1 M Na3PO4 to enough water to make 73 mL. What is the PO43- concentration of 30 mL of the stock solution?

What cell potential would be expected under conditions : What cell potential (V) would be expected under the following conditions?

How many moles of cn- ions will be contained : A 265 mL stock solution contains 2.3 M Ca(CN)2. When 105 mL of the stock solution is diluted to 120 mL, how many moles of CN- ions will be contained in the dilute solution?

How many kilocalories are released by freezing h2o : converting liquid water to solid ice releases 1.44 kcal/mol.

Prepare the appropriate eliminating entries for transaction : Prepare the appropriate eliminating entries for this transaction which would appear on the year-end December 31, 2005 worksheet.

What is the concentration of the acetic acid : A 10.0 mL sample of vinegar, an aqueous solution of acetic acid (HC2H3O2), is titrated with 0.5062 M NaOH, and 16.58 mL is required to reach the equivalence point. What is the concentration of the acetic acid?

How many grams of dry nh4cl need to be added : How many grams of dry NH4Cl need to be added to 2.00 of a 0.100 M solution of ammonia, , to prepare a buffer solution that has a of 8.64? Ka for ammonia is 1.8*10^-5.

How many calories of heat energy were absorbed : Some velomobile seats have been designed to hold ice packs inside their cushions. If you started a ride with ice packs that held 1700 g of frozen water at 0 degrees C , and the temperature of the water at the end of the ride was 32 degrees C.

What is the bond order : Construct the MO diagram for Cr(CO)5, considering only s donation from the CO ligands. Clearly label all atomic and molecular orbitals. Put in the correct number of electrons. What is the bond order? Is this consistent with the structure?

User Account

All Pages