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On January 1 2011 musical corp. sold equipment to martin inc. ( a wholly-owned subsidiary) for $168,000 in cash.
The equipment originally cost $140,000 but had a book value of only $98,000 when transferred. On that date, the equipment had a five-year remaining life.
Depreciation expense was calculated using the straight-line method. Musical earned $308,000 in net income 2011(not including any investment income) while martin reported $126,000.
Assume there is no amortization related to the original investment.
Required:
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