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Blue Corporation holds 70 percent of Black Company's voting common stock. On January 1, 20X3,...

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Accounting

Blue Corporation holds 70 percent of Black Company's voting common stock. On January 1, 20X3, Black paid $500,000 to acquire a building with a 10-year expected economic life. Black uses straight-line depreciation for all depreciable assets. On December 31, 20X8, Blue purchased the building from Black for $180,000. Based on the information provided, in the preparation of the 20X8 consolidated financial statements, equipment will be ______ in the consolidation entries. Group of answer choices

debited for $320,000

debited for $300,000

credited for $20,000

credited for $180,000

Based on the information provided, the loss on the sale of the equipment eliminated in the consolidated financial statements for 20X8 is:

$50,000

$45,000

$20,000

$5,000

Based on the information provided, while preparing the 20X9 consolidated income statement, depreciation expense will be

Group of answer choices

credited for $5,000 in the consolidation entries.

debited for $5,000 in the consolidation entries.

credited for $2,500 in the consolidation entries.

debited for $2,500 in the consolidation entries.

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