(Module 2) On 1/2/06, Pidox sold equipment costing $100,000 to its 100%-owned subsidiary, Sidox, for $48,000. At the time of the sale, the equipment had been depreciated $40,000 (over a 10-year life using straight-line depreciation). Sidox continued depreciating the equipment by using the straight-line method over a remaining life of 6 years.
Required:
Prepare the consolidation entry or entries required at 12/31/07-not 12/31/06-under the partial equity method.
Fixed Asset Transfers-Upstream

Question

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The Answer of (Module 2) On 1/2/06, Pidox sold equipment costing $100,000 to its 100%-owned subsidiary, Sidox, for $48,000. At the time of the sale, the equipment had been depreciated $40,000 (over a 10-year life using straight-line depreciation). Sidox continued depreciating the equipment by using the straight-line method over a remaining life of 6 years.
Required:
Prepare the consolidation entry or entries required at 12/31/07-not 12/31/06-under the partial equity method.
Fixed Asset Transfers-Upstream

(Module 2) on 1/2/06, Pidox Sold Equipment Costing $100,000 to Its