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points Time Remaining hour minutes seconds:: Item Time Remaining hour minutes seconds:: On January Smeder Company, an owned subsidiary of Collins, Incorporated, transferred equipment with a year life six of which remain with no salvage value to Collins in exchange for $ cash. At the date of transfer, Smeders records carried the equipment at a cost of $ less accumulated depreciation of $ Straightline depreciation is used. Smeder reported net income of $ and $ for and respectively. All net income effects of the intraentity transfer are attributed to the seller for consolidation purposes. What amount of gain should be reported by Smeder Company relating to the equipment for prior to making consolidating entries? Multiple Choice $ $ $ $ $
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Time Remaining hour minutes seconds::
Item
Time Remaining hour minutes seconds::
On January Smeder Company, an owned subsidiary of Collins, Incorporated, transferred equipment with a year life six of which remain with no salvage value to Collins in exchange for $ cash. At the date of transfer, Smeders records carried the equipment at a cost of $ less accumulated depreciation of $ Straightline depreciation is used. Smeder reported net income of $ and $ for and respectively. All net income effects of the intraentity transfer are attributed to the seller for consolidation purposes.
What amount of gain should be reported by Smeder Company relating to the equipment for prior to making consolidating entries?
Multiple Choice
$
$
$
$
$
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