Snow Company is a wholly owned subsidiary of Penguin Corporation.On January 1,2009,Penguin transferred equipment to Snow for $195,000.The equipment had originally cost $250,000,but at the time of transfer,had a $180,000 book value and a five year remaining life.Both companies use the straight-line method of depreciation and assume no salvage value for the equipment.
Required: Prepare the consolidation worksheet entries for this asset on the following dates:
1.December 31,2009
2.December 31,2010
3.December 31,2011
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