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Business, 03.08.2019 02:30 colemason223

Pepe, incorporated acquired 60% of devin company on january 1, 2017. on that date devin sold equipment to pepe for $45,000. the equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years. devin reported net income of $300,000 and $325,000 for 2017 and 2018, respectively. pepe uses the equity method to account for its investment in devin. what is the gain or loss on equipment recognized by devin on its internal accounting records for 2017?

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Pepe, incorporated acquired 60% of devin company on january 1, 2017. on that date devin sold equipme...
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