Petunia Corporation owns 100% of Stone Company's common stock.On January 1, 2014, Petunia sold equipment with a book value of $210,000 to Stone for $300,000.Stone is depreciating the equipment over a ten-year life by the straight-line method.The net adjustments to compute 2014 and 2015 consolidated income would be an increase (decrease) of

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The Answer of Petunia Corporation owns 100% of Stone Company's common stock.On January 1, 2014, Petunia sold equipment with a book value of $210,000 to Stone for $300,000.Stone is depreciating the equipment over a ten-year life by the straight-line method.The net adjustments to compute 2014 and 2015 consolidated income would be an increase (decrease) of

Petunia Corporation Owns 100% of Stone Company's Common Stock