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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)
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While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may G..
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USACo adjusted basis in the equipment is $10,000 on the date of sale. what is the source of the $340,000 gain on the sale of the equipment?
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