Patriot Corporation owns 100% of Simon Company's common stock.On January 1, 2014, Patriot sold equipment with a book value of $350,000 to Simon for $500,000.Simon 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 Patriot Corporation owns 100% of Simon Company's common stock.On January 1, 2014, Patriot sold equipment with a book value of $350,000 to Simon for $500,000.Simon 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

Patriot Corporation Owns 100% of Simon Company's Common Stock