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Business, 15.11.2019 21:31 HockeyBlockpk7039

Sky corporation owns 75 percent of earth company's stock. on july 1, 20x8, sky sold a building to earth for $33,000. sky had purchased this building on january 1, 20x6, for $36,000. the building's original eight-year estimated total economic life remains unchanged. both companies use straight-line depreciation. the equipment's residual value is considered negligible.

15.

required information

based on the information provided, in the preparation of the 20x8 consolidated financial statements, building will be in the eliminating entries.

debited for $33,000

debited for $36,000

credited for $36,000

debited for $3,000

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Sky corporation owns 75 percent of earth company's stock. on july 1, 20x8, sky sold a building to ea...
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