Business, 21.02.2020 05:19, ianmartin6080

Frazer received $245,000 from Minnow for a truck Frazer had purchased on January 1, 20X2, for $300,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Record the entry to eliminate the gain on the truck and to correct the asset's basis. Gain on sale 22800 truck 60000 accumulated depreciation 82800Record the entry to adjust Accumulated Depreciation. accumulated depreciation 3257 depreciation expense 3257Prepare the worksheet consolidation entry or entries needed at December 31, 20X6, to remove the effects of the intercompany sale.

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Frazer received $245,000 from Minnow for a truck Frazer had purchased on January 1, 20X2, for $300,0...