Reference no: EM132515284
Topic - Intercompany Sale of Depreciable Assets - Cost Method
Question - On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre Corporation, for $40,000. At the time of the transfer, the asset had an original cost (to Republic) of $60,000 and accumulated depreciation of $25,000. The equipment has a five year estimated remaining life.
Barre reported net income of $250,000, $270,000 and $310,000 in 2020, 2021, and 2022, respectively. Republic received dividends from Barre of $90,000, $105,000 and $120,000 for 2020, 2021, and 2022, respectively.
Assume Republic uses the cost method to account for its investment in Barre. What is the balance in the pre-consolidation Income (loss) from Subsidiary account for 2020?
a. $245,750
b. $165,000
c. $90,000
d. $88,750
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Topic - Intercompany Sale of Depreciable Assets- Cost Method
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