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What accounts got affect in consolidated financial statement

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Point 1: On January 1, 20X2, Bussman sold equipment to Topp for $303,750. Bussman had purchased the equipment for $500,850 on January 1, 20X0, and was depreciating it or straight-line basis with a 10-year expected life and no anticipated salvage value. The equipment's total expected life is unchanged as a result of the intercompany sale.

Question 1: Explain how to calculate and record this problem and what accounts that got affected in Consolidated financial statement?

Reference no: EM132503206

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