Assume on January 1, 2017, a wholly owned subsidiary sells to its parent, for a sale price of $132,000, equipment that originally cost $180,000. The subsidiary originally purchased the equipment on January 1, 2013, and depreciated the equipment assuming a 12-year useful life (straight-line with no salvage value). The parent has adopted the subsidiary's depreciation policy and depreciates the equipment over the remaining useful life of 8 years. The parent uses the equity method to account for its Equity Investment. a. Compute the annual pre-consolidation depreciation expense for the subsidiary (pre-intercompany sale) and the parent (post-intercompany sale). Annual depreciation expense-subsidiary $ 15.000 ✓ Annual depreciation expense-parent $ 16.500 ✓ b. Compute the pre-consolidation Gain on Sale recognized by the subsidiary during 2017. $ 12,000 ✓ c. Prepare the required [I] consolidation journal entry in 2017 (assume a full year of depreciation). Consolidation Worksheet Description [Igain] Gain on sale of equipment Equipment Accumulated depreciation-Equipment ✓ [Idep] Accumulated depreciation-Equipment : ✓ Depreciation expense + ✔ ÷ Consolidation Worksheet Description [Igain] Investment in subsidiary Equipment Accumulated depreciation-Equipment d. Now assume that you are preparing the year-end consolidation journal entries for the year ending December 31, 2019. Prepare the required [I] consolidation journal entries during the holding period. Debit 12.000 ✓ 48.000 ✓ 0✓ 1,500 ✓ ✓ ✓ Debit Credit 0x 48,000 ✓ 0✓ 0✔ 0✓ 60,000 ✓ 0✓ 1,500 ✓ Credit 0✔ 7,200 x

Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved.

What is one major difference between a compilation and a review? A. CPA conducting a review must be independent  B. Anyone in the company can complete a review  C. Skills used in compilations do not transfer to other professions D. A compilation is complete by a CPA

Please help me.  Thankyou.

what exactly is a cookie jar reserve?  Does using a cookie jar reserve follow GAAP?  Does using a cookie jar reserve appear to be an ethical practice?  Support your opinion.  Your post should be more than a single sentence.

14. When performing an attestation examination engagement, the standards do not require which of the following?   Group of answer choices   Assertion.   Practitioner independence.   Subject matter.   Suitable criteria.

Please use the below format for your submitted answers, using a table or spreadsheet: Response Spreadsheet or Table Format 1. Segregation of II. Subsidiary ledger Duties errors A1. COSO objective A2. Design adequacy or Operational effectiveness A3. Insignificant, Significant, or Material A4. Overall conclusions B1. IA reporting B2. Management reporting III. Untimely reconciliations

It says they answers are wrong from your example.

Select the best answer for each of the follwing items and give reasons for your choice. a. Which of the following best describes the relationship between assurance services and attest services? (1) While attest services involved financial data, assurance services involve nonfinancial data (2) While attest services require objectivity, assurance services do not require objectivity (3) All attest services require independence. (4) Attest and assurance services are different terms referring to the same types of services