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Posted: January 29th, 2024
PROBLEM 2:ON 1/1/2000 OBAMA COMPANY PURCHASED ALL OF THE ASSETS OF BIDEN COMPANY FOR BOOK VALUE. ON 1/1/2009 OBAMA COMPANY PURCHASED A TRUCK FOR $200,000. THIS TRUCK IS EXPECTED TO LAST 20 YEARS WITH NO SALVAGE. ON 1/1/2014 GHI SOLD THIS TRUCK TO BIDEN FOR $180,000 RECEIVING A 10% NOTE. THIS NOTE PAYS INTEREST ANNUALLY ON JANUARY 1ST. BIDEN EXPECTS THE TRUCK TO LAST 15 YEARS WITH NO SALVAGE. ON 1/1/2016 BIDEN SELLS THE TRUCK TO OUTSIDE COMPANY FOR $152,000 AND PAYS OFF THE NOTE TO OBAMAREQUIRED:1) Make the entry OBAMA makes when it sells the truck to BIDEN2) Make the entry BIDEN makes when it buys the truck3) Make the adjusting entry BIDEN makes on 12/31 connected with the note4) Make the adjusting entry OBAMA makes on 12/31 connected with the note5) Make the worksheet entries connected with this intercompany sale of the truck for 20146) What are the balances in the following accounts in the 2014 consolidated financial statementsa) Truckb) Accumulated depreciationc) Depreciation expensed) Gain/loss on salee) Note payablef) Interest expense6) Make the worksheet entries connected with this truck in 20157) What are the balances in the following accounts in 2015 consolidated financial statementsa) Truckb) Accumulated depreciationc) Depreciation expensed) Gain/loss on salee) Note payablef) Interest expense8) Make the entry BIDEN makes in 2016 when it sells the truck to Outside company9) Make the necessary worksheet entries needed in 2016 related to this truck10) What are the balances in the following consolidated accounts in 2016a) Truckb) Accumulated depreciationc) Depreciation expensed) Gain/loss on salee) Note payablef) Interest expense
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