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P Corp Owns 90% of the Outstanding Common Stock of S

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P Corp. owns 90% of the outstanding common stock of S Company. On December 31, 2017, S sold equipment to P for an amount greater than the equipment's book value but less than its original cost. The equipment should be reported on the December 31, 2017 consolidated balance sheet at:

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Definitions:

Hippocampus

A part of the brain located within the temporal lobe, playing important roles in learning and memory formation.

Brain

The organ located in the head that controls thought, memory, emotion, touch, motor skills, vision, breathing, temperature, hunger, and every process that regulates the body.

Increased Risk

A higher likelihood of encountering a negative event or outcome.

Split Personality

An inaccurate colloquial term that refers to Dissociative Identity Disorder (DID), a psychological condition characterized by the presence of two or more distinct identity or personality states.

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