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geniusboy [140]
2 years ago
7

Paper Corporation owns 75 percent of Scissor Company's stock. On July 1, 20X8, Paper sold a building to Scissor for $33,000. Pap

er had purchased this building on January 1, 20X6, for $36,000. The building's original eight-year estimated total economic life remains unchanged. Both companies use straight-line depreciation. The building's residual value is considered negligible. Based on the information provided, in the preparation of the 20X9 consolidated income statement, depreciation expense will be:
Business
1 answer:
Kazeer [188]2 years ago
3 0

The depreciation expense will be credited for $750 in the consolidating entries while preparing the 20X8 consolidated income statement,

<h3>What is the depreciation expense?</h3>

This refers to the cost of an asset that has been depreciated for a single period such as in that year.

Depreciation expense = Cost  - Salvage value / Useful life

Depreciation expense = $36,000 - $33,000 / (2 years (semi-annual charges)

Depreciation expense = $3,000 / 4

Depreciation expense = $750

Therefore, the depreciation expense will be credited for $750 in the consolidating entries while preparing the 20X8 consolidated income statement,

Read more about depreciation expense

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