FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Pit Coporation owns 75% of Stop Company's outstanding common stock.  On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash.

Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000.  The remaining useful life of the equipment is 10 years, and Stop will use that same usefull life.  Both companies use the straight line method of depreciation. 

Pit's Journal Entries would include:

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