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Little Company, a 70 percent-owned subsidiary of Giant Corporation, sold a building to Giant on May 1, 2005, for $480,000. The building had a cost of $850,000 and accumulated depreciation of $430,000 at the date of sale. The building is depreciated using the straight-line method and an estimated remaining life of 10 years. In the preparation of the 2006 consolidated financial statements, what is the dollar amount of the worksheet elimination to 2006 Retained Earnings with respect to this transaction?

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Accounting Basics, Accounting

Category:- Accounting Basics
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