Wilson owned equipment with an estimated life of 10 years when it was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2010. On January 1, 2010, Wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years.
On April 1, 2010 Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Simon's income and dividends:
Compute Wilson's share of income from Simon for consolidation for 2010.
Definitions:
Remarry
The process of remarrying following the termination of a marriage due to divorce or the death of one's spouse.
Living Will
A legal document that specifies the medical treatments a person would like to receive if incapacitated.
End-Of-Life Measures
Procedures, treatments, or actions taken to provide comfort, manage pain, and address the needs of individuals nearing the end of their lives.
Companionship
The feeling or state of having a friend or partner to share one's activities, life, or experiences with.
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