Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2011, Clemente sold some equipment to Snider for $125,000. The equipment had a cost of $140,000. At the time of the sale, the balance in accumulated depreciation was $40,000. The equipment had a remaining useful life of five years and a $0 salvage value. Straight-line depreciation is used by both Clement and Snider. At what amount should the equipment (net of any depreciation) be included on the consolidated balance sheet dated 12/31/2011?
(A) $100,000
(B) $95,000
(C) $85,000
(D) $80,000
(E) $75,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2011, Clemente sold some equipment to Snider for $125,000. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Bob and Cindy are the same age. At age 25 Cindy began saving $2,000 a year while Bob saved nothing. At age 50, Bob realized that he needed money for retirement and started saving $4,000 per year while Cindy kept saving her $2,000.
Answers (1)
A client who is a skilled artist and has an Associate's degree from the local community college, is interested in becoming a medical illustrator. He wants to know the following: a. Does he need any more education or training? b.
Answers (1)
Weir inc.'s perpetual preferred stock sells for $97.50 per share, and it pays an $8.50 annual dividend. if the company were to sell a new preferred issue, it would incur a flotation cost of 4.00% of the price paid by investors.
Answers (1)
Being the person everyone goes to with their computer questions in an organization is an example of what type of power? a. legitimate b. reward c. coercive d. expert
Answers (1)
Gavin Adams is the president of Trusted Pool Service. He takes the following actions, not necessarily in the order given. For each action ( a-e ) state whether it is a planning decision or a control decision.
Answers (1)
New Questions in Business
To establish res ipsa loquitur in most states, the plaintiff must demonstrate all but which of the following?
Answers (1)
What is the name of the government program that provides cash benefits to senior citizens?
Answers (1)
The dividend yield is defined as: the last annual dividend divided by the current market price per share. the last annual dividend divided by the current book value per share.
Answers (1)
Which of the symptoms would require you to stop working and go home
Answers (1)
Stone hired mason as a salaried employee to work as a janitor in the common areas of stone's apartment building. mason was negligent in that he left a slippery, wet floor without putting up a warning or roping off the wet area.
Answers (1)