Play Inc. owns 100% of Station Corp.'s common stocks. On January 1, 2015, Play sold to Station for $50,000 an equipment with a carrying amount of $30,000. Station is depreciating the equipment over a 5-year life using the straight-line method. Describe the two adjustments and provide the amounts made in 2015 consolidated income statement.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Play Inc. owns 100% of Station Corp.'s common stocks. On January 1, 2015, Play sold to Station for $50,000 an equipment with a carrying ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Tolino Company signed a 5-year note payable on January 1, 2019, of $200,000. The note requires annual principal payments each December 31 of $40,000 plus interest of 6%. The entry to record the annual payment on December 31, 2020, includes:
Answers (1)
After a series of train incidents, ns& q offered employee bonuses based on safety for the first quarter of this year. this is an example of
Answers (1)
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first
Answers (1)
In a statement of cash flows, which of the following would be classified as an investing activity? A. Interest paid to a lender. B. The issuance of bonds payable. C. The sale of equipment. D. The sale of the company's own common stock for cash.
Answers (1)
Greta felt very uncomfortable while talking to the store manager because she moved so close to Greta until her face was just inches away. What aspect of the situation was bothering Greta? A. unspoken language B. verbal cues C. speech tone D.
Answers (1)
New Questions in Business
Fran has a job involved with controlling the flow of oil through a series of pipelines at the refinery. As a part of his work, he needs to interpret diagrams, levels, and readings from gauges.
Answers (1)
Choose the appropriate stage of the venture life cycle in which the following activities would occur. Transition from one-person leadership to team management leadership New-product development Search for capital Increased competition Venture
Answers (1)
According to the International Monetary Fund, a perennial challenge facing all of the world's countries, regardless of their level of economic development, is achieving financial stability, economic growth, and higher living standards.
Answers (1)
Round Hammer is comparing two different capital structures: An all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 155,000 shares of stock outstanding.
Answers (1)
Assume that Fey Company reports the following initial balance and subsequent purchase of inventory. Inventory balance at beginning of year 1,200 units @ $60 each $ 72,000 Inventory purchased during the year 1,800 units @ $90 each 162,000 Cost of
Answers (1)