A Parent Entity Group Sold a Depreciable Non-Current Asset to a Subsidiary

question 20

Multiple Choice

A parent entity group sold a depreciable non-current asset to a subsidiary entity for $2800.The asset originally cost $3000 and at the date of sale accumulated depreciation was $500.The amount of the unrealised gain on sale to be eliminated is:

• A)$2800
• B)$500
• C)$300
• D)$200.

---

Definitions:

Painted-Gable Storyboards

Narrative artworks typically painted or carved onto the triangular gable end of a building, often depicting mythological or historical tales.

Clan Events

Social or ceremonial gatherings important to the structure and culture of clans, which are extended family groups with a common ancestor.

Helmet Masks

Traditional masks that cover the head entirely, used in various cultures for rituals, performances, or ceremonial purposes.

Malanggan Rites

A series of elaborate ceremonies and the creation of intricate artworks by the people of New Ireland, Papua New Guinea, intended to honor the deceased and facilitate the transition of their souls.