Business, 12.08.2020 21:01, katherineweightman
Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in Tampa Company. On January 2, 2014, Tampa Company sold equipment with a book value of $548,400 to Sherer Company for $763,800. This equipment has a remaining useful life of three years. Sherer Company reported $105,800 and Tampa Company reported $161,100 in net income (including sales to affiliates) in 2014.
Required:
Prepare the 2014 and 2015 consolidated statements workpaper entries to eliminate the effects of this sale of equipment.
Answers: 3
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Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in Tampa Company. On J...
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