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Question - Ahmad Inc. has owned 80 percent of WangLimited for many years. On January 1, Year 6, Ahmad paid Wang $570,000 to acquire equipment that they had purchased on January 1, Year 4, for $624,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful life. Neither company owns any other equipment. Ahmad reported net income of $74,000 for Year 8 and paid dividends of $44,000. Wang reported net income of $64,000 and paid dividends of $27,000 in Year 8.
Required -
(a) What amounts should be reported on Ahmad's separate entity financial statements for Year 8 for equipment, accumulated depreciation, depreciation expense and gain on sale of equipment?
(b) Compute the amount reported as consolidated net income for Year 8. Ignore income taxes.
(c) What amounts should be reported on the Year 8 consolidated statements for equipment, accumulated depreciation and depreciation expense?
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