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question frazer corporation purchased 60 percent of minnow corporation 39 svoting co 4284723

Question

Frazer Corporation purchased 60 percent of Minnow Corporation'svoting common stock on January 1, 20×1. On December 31, 20×5,Frazer received $219,000 from Minnow for a truck Frazer hadpurchased on January 1, 20×2, for $309,000. The truck is expectedto have a 10-year useful life and no salvage value. Both companiesdepreciate trucks on a straight-line basis.

a. prepare the worksheet consolidation entrys or entries neededat December 31, 20×5 to remove the effects of the intercompanysale

b. prepare the worksheet consolidation entry or entries neededon December 31, 20×6 to remove the effects of the intercompanysale

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