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Lobes Co.owns 65% of Banes Limited.During 20X5,Banes sold equipment to Lobes for a gain of $150,000,recognizing a gain on sale (before taxes)of $75,000.Lobes has determined that the equipment had a useful life of 10 years,and took a full year's deprecation in 20X5.On April 1,20X8,Lobes sold the equipment to an unaffiliated company for $110,000.Ignore any taxes.
Required:
Prepare the appropriate consolidation adjustments relating to the equipment for each year ending December 31,20X5 to 20X8.
Hospital Insurance
Coverage that pays for hospital expenses incurred by the insured due to illness or injury.
OASDI
Old-Age, Survivors, and Disability Insurance, a comprehensive federal benefits program that provides benefits to retirees and disabled people.
Hospital Insurance
A type of insurance coverage that pays for medical and surgical expenses incurred by the insured while in a hospital.
Double Time
A rate of pay that is twice the standard rate, often paid for overtime work.
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