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julia-pushkina [17]
3 years ago
14

Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2012, Clemente sold equipment to Snider for $125,0

00. The equipment had cost Clemente $140,000. At the time of the sale, the balance in accumulated depreciation was $40,000. The equipment had a remaining useful life of five years and a $0 salvage value. Straight-line depreciation is used by both Clemente and Snider. At what amount should the equipment (net of depreciation) be included in the consolidated balance sheet dated December 31, 2012
Business
1 answer:
bonufazy [111]3 years ago
6 0

Answer:

$60,000

Explanation:

Sales Price $125,000

Less BV $140, 000

Loss on Sale $15,000

Equipment transferred at BV (Cost $140,000

Less Accumulated Depreciation. $40,000 $100,000 Depreciation.

For 2012

($100,000/5) $40,000 = $60,000

Therefore the Book Value at 12/31/2012 is $60,000

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Answer:

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Explanation:

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horrorfan [7]

Answer:

B) demographic

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6.You now have the agreement with the company and will sign the contract as you and the company are satisfied with the contract
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2 years ago
Exercise 15-2 On January 1, 2017, Klosterman Company issued $420,000, 12%, 10-year bonds at face value. Interest is payable annu
Maslowich

Answer:

The journal entry to record the bond issuance is shown below:

Explanation:

The journal entry to record the bond issuance is as:

Cash A/c.............................................Dr  $420,000

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