(Answered) Question - on 1117 sally company sells a truck to pete

Accounting

Question - On 1/1/17 Sally company sells a truck to Pete Company for $16,000 in cash. The truck had an original cost of $40,000 and accumulated depreciation of $32,000 and a remaining useful life of 4 years ate the date of sale. Sally Company is a wholly owned subsidiary of Pete Company.

Prepare the necessary work paper consolidating elimination entries on 12/31/18 assuming pete company stills owns the truck.

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