What amount should be recorded on Wilson's books as gain on the transfer of equipment, prior to preparing consolidating entries?
A) $19,500.
B) $18,250.
C) $11,750.
D) $38,250.
E) $37,500.

Question

Quizplus · Accepted Answer

The gain on the transfer of equipment is calculated as the difference between the sale price and the book value of the equipment. The correct gain amount is $19,500.

What Amount Should Be Recorded on Wilson's Books as Gain