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Question (Category: accounting)
3. (14) on january 1, 2006, payton co. sold equipment to its subsidiary, starker corp., for $115,000. the equipment had cost $125,000, and the balance in accumulated depreciation was $45,000. the equipment had an estimated remaining useful life of eight years and $0 salvage value. both companies use straight-line depreciation. on their separate 2006 income statements, payton and starker reported depreciation expense of $84,000 and $60,000, respectively. a. create the eliminations for consolidation due to the following transaction for 2006 and 2009. that would be ta, ed, *ta, and *ed,

Answer by Matt D. (Purchased 3 times and rated )