Business, 03.03.2020 01:35 spycn7717

Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred equipment to Sonora for $114,000. The equipment had cost $148,000 originally but had a $58,000 book value and five-year remaining life at the date of transfer. Depreciation expense is computed according to the straight-line method with no salvage value.

Consolidated financial statements for 2018 currently are being prepared. What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Consolidation Worksheet Entries

1. Prepare Entry *TA to adjust to the 1/1/2018 balances for the consolidated entity.
2.Prepare Entry ED to remove the excess current year depreciation to reflect the historical depreciation instead of the transfer price.

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Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2016, Padre transferred e...

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