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Question - On 1/2/x6, Palex sold equipment costing P100,000 to its 100%-owned subsidiary, Salex, for P75,000. At the time of the sale, the equipment had been 60% depreciated (using the straight-line method and an assigned life of 10 years). Salex continued depreciating the equipment by using the straight-line method but assigned a remaining life of 5 years.
Required -
1. What are the cost and accumulated depreciation, respectively, of this equipment in the 12/31/x6 consolidated balance sheet?
2. What is the amount of the intercompany profit or loss that must be deferred at 12/31/x6?
3. What is the amount of the adjustment to Depreciation Expense (debit or credit) in preparing the consolidation worksheet at 12/31/x6?
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