(Answered) Question - on january 1 2005 able company purchased all of

Accounting

Question - On January 1, 2005 Able Company purchased all of the stock of Baker Company. On January 1, 2010, Able purchased a piece of equipment for $50,000. This equipment is expected to last 8 years with $2000 salvage. On January 1, 2011 Able sold the equipment to Baker for $50,000. Baker believes the equipment has 7 remaining years and a 2000 salvage. On January 1, 2013 Baker sold the equipment to Cat company for $35,000.

Required: Prepare the journal entries for able, baker and consolidated for 2011, 2012, and 2013.

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