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 the eliminating/adjusting entries on consolidation working papers for 2012,the Truck account was
Definitions:
Coalitions Form
The process by which groups come together to form alliances, often to achieve a common goal or address a shared concern.
Properties
Characteristics, attributes, or traits that define an object, situation, or entity, making it distinguishable from others.
Coalition
An alliance among individuals or groups, especially during a negotiation or in politics, to achieve a common goal.
Bedfellows
Unlikely or surprising partners united by common interests or objectives.
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