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On January 1, 2014, the parent sold new equipment for which it paid $600,000 to the subsidiary for $1,000,000. Since the equipment was new, the parent had not recorded any depreciation on its books prior to selling the equipment. The plant assets had a remaining life of 10 years at that time, straight-line. The subsidiary still has the equipment at year-end. Prepare eliminating entries TA and ED?

You may record your response as follows:
Entry TA:
Debit Account name $$
Credit Account name $$

Entry ED:
Debit Account name $$
Credit Account name $$

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M943852

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