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Water Co. owns 80% of the outstanding common stock of Fire Co. On December 31,...

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Accounting

Water Co. owns 80% of the outstanding common stock of Fire Co. On December 31, Year 3, Fire sold equipment to Water at a price in excess of Fires carrying amount but less than its original cost. On a consolidated balance sheet at December 31, Year 3, the carrying amount of the equipment should be reported at Select one: a. Waters original cost. b. Fires original cost. c. Waters original cost minus Fires recorded gain. d. Waters original cost minus

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