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a. Seance Co. buys equipment from Paranormal Co. for 12k. The equipment cost P 18k...

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Accounting

a. Seance Co. buys equipment from Paranormal Co. for 12k. The equipment cost P 18k when P purchased it 5 years ago. P had been depreciating the equipment S-L, -0- s.v., over its expected useful life 10 years. Provide the workpaper elimination entry to fix this. b. How would this entry appear had P and S been filing taxes separately? Assume a 40% top marginal rate. [DTA 1200]

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