$ $ $ $ E7-9 Transfer of Depreciable Asset at Beginning of Year

 
.png”>E7-9 Transfer of Depreciable Asset
at Beginning of Year

a.

Eliminate
the gain on Truck & correct asset’s basis:

Gain on sale
Truck $

Accumulated
Depreciation $

Accumulated
Depreciation $

Depreciation Expense $

b.

Eliminate the gain
on Truck & correct asset’s basis:

Investment in Minnow
Corp. $
Truck $

Accumulated
Depreciation $

Accumulated
Depreciation $

Depreciation Expense

.png”>E7-8 Transfer of
Depreciable Asset at Year-End

a.

Eliminate the
gain on Truck & correct asset’s basis:

Gain on sale

Truck

$

Accumulated Depreciation

$

b.

Eliminate the
gain on Truck & correct asset’s basis:

Investment in Minnow Corp.

$

Truck

$

Accumulated Depreciation

$

Accumulated Depreciation

$

Depreciation Expense

.png”>INSTRUCTION:
You are to complete the assignment using the following template.

You need
to fill in whatever is missing in order to complete the assignment. I have

includedsome check figures for you in order to help you.

E6-8 Inventory Transfer between
Parent and Subsidiary

a.

Karlow Corporation reported cost
of goods sold of:

Draw Company reported cost of
goods sold of:

b.

Cost of goods sold for the
consolidated entity is:

c.

Eliminating entry:

Sales

Cost of Goods Sold

$

Inventory

$

d.

Eliminating entry:

Investment in Draw Company

$

Cost of Goods Sold

$

e.

Eliminating
entry:

Investment in Draw Company

$

NCI in NA of Draw Company

$

Cost of Goods Sold

.png”>