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pshichka [43]
3 years ago
15

On January 1, 2017, Smeder Company, an 80% owned subsidiary of Collins, Inc., transferred equipment with a 10-year life (six of

which remain with no salvage value) to Collins in exchange for $84,000 cash. At the date of transfer, Smeder's records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Smeder reported net income of $28,000 and $32,000 for 2017 and 2018, respectively. All net income effects of the intra-entity transfer are attributed to the seller for consolidation purposes. For consolidation purposes, what net debit or credit will be made for the year 2017 relating to the accumulated depreciation for the equipment transfer?
Business
1 answer:
maks197457 [2]3 years ago
8 0

Answer:

Credit accumulated depreciation for 2017 is $46,000

Explanation:

Accumulated depreciation increases as a result of increase in depreciation charged on fixed assets.

Given that:

Accumulated Depreciation = $48,000

Deferred Gain on Transfer = $12,000

Amortization of Gain = Deferred Gain on Transfer / 6 years remaining = $12000 / 6 = $2000

Credit to Accumulated Depreciation for 2017 = Accumulated Depreciation - Deferred gain on transfer = $48000 - $2000 = $46000

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6 0
3 years ago
Juno Markets is offering 900 shares in a Dutch auction IPO. The following bids have been received: How much will Bidder B have t
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Answer:

$4,320.00

Explanation:

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5 0
3 years ago
A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product
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Product, price, place, and promotion are the four elements in the
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2 years ago
Jed is an electrician. Jed and his wife are accrual basis taxpayers and file a joint return. Jed wired a new house for Alison an
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b. $3,000

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2 years ago
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