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What is the effect of the adjustment

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Question - Philip Inc owns 100% of Dave Inc's common stock. On Jan 1, 20X1, Philip sold to Dave $50,000 of equipment with a carrying amount of $20,000. Dave depreciates the equipment over a ten-year remaining life the straight-line method. What is the effect of the adjustment to compute 20X1 consolidated net income?

Reference no: EM132842808

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