Lobes CoOwns 65% of Banes Limited

question 21

Essay

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.

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