Use the Following Information to Answer the Question(s)below

question 21

Multiple Choice

Use the following information to answer the question(s) below.
On January 1,2010,Shrimp Corporation purchased a delivery truck with an expected useful life of five years,and a salvage value of $8,000.On January 1,2012,Shrimp sold the truck to Pacet Corporation.Pacet assumed the same salvage value and remaining life of three years used by Shrimp.Straight-line depreciation is used by both companies.On January 1,2012,Shrimp recorded the following journal entry:
Pacet holds 60% of Shrimp.Shrimp reported net income of $55,000 in 2012 and Pacet's separate net income (excludes interest in Shrimp) for 2012 was $98,000.
-In preparing the consolidated financial statements for 2012,the elimination entry for depreciation expense was a

• A)debit for $5,000.
• B)credit for $5,000.
• C)debit for $15,000.
• D)credit for $15,000.

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Definitions:

Myocardium

The thick, muscular tissue that makes up the middle layer of the heart wall, responsible for pumping blood through the cardiovascular system.

Heart Layer

The anatomical layers of the heart, typically referring to the endocardium, myocardium, and epicardium that make up the heart's structure.

Muscle

Tissue in the body composed of fibers capable of contracting to produce movement or maintain the position of parts of the body.

Visceral Pericardium

The innermost layer of the pericardium that lies directly on top of the heart; also known as the epicardium.