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On January 1, 2012, Pelican Company sold a machine to its 70% subsidiary, Seal Company, for $57,000. The book value of the machine was $45,000. The machine was depreciated using the straight-line method over five years. On December 31, 2013, Seal Company sold the machine to a nonaffiliated firm for $35,000. On the consolidated statements, how much gain or loss on the intercompany machine sale should be recognized in 2011, 2012, and 2013? describe your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939405

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