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on 1/1/17 Sally company sells a truck to Pete company for $16,000 in cash.
on 1/1/17 Sally company sells a truck to Pete company for $16,000 in cash. The truck had an original cost of $40,000 and accumulated depreciation of $32,000 and a remaining useful life of 4 years ate the date of sale. Sally company is a wholly owned subsidiary of Pete Company.
Prepare the necessary work paper consolidating elimination entries on 12/31/18 assuming pete company stills owns the truck/