3) Prince Company owns 104,000 of the 130,000 shares outstanding of Serf Corporation. Serf Corporation...
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3) Prince Company owns 104,000 of the 130,000 shares outstanding of Serf Corporation. Serf Corporation sold equipment to Prince Company on January 1, 2017 for $740,000. The equipment was originally purchased by Serf Corporation on January 1, 2013 for $1,280,000 and at that time its estimated depreciable life was 8 years. The equipment is estimated to have a remaining useful life of four years on January 1, 2017. Both companies use the straight-line method to depreciate equipment.
Required:
A. Prepare, in general journal form, the workpaper entries relating to the intercompany sale of equipment that are necessary in the December 31, 2018 consolidated financial statements workpapers.
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