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  3. padre holds 100 percent of the outstanding shares

Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2022, Padre...

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Accounting

image Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2022, Padre transferred equipment to Sonora for $118,000. The equipment had cost $150,000 originally but had a $60,000 book value and five-year remaining life at the date of transfer. Depreciation expense is computed according to the straight-line method with no salvage value. Consolidated financial statements for 2024 currently are being prepared. Required: What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method. Note: If no entry Is requlred for a transactlon/event, select "No journal entry requlred" In the flrst account fleld

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