WillSisson3782 WillSisson3782

06-05-2024
Business

Answered

SSS Co is 80% owned by PPP Inc. On Jan 1. 2010, SSS Co paid P100,000 for a truck with an expected economic life of 10 years and no residual values. SSS sold the truck to PPP on Jan 1, 2016. During the preparation of the consolidated working papers for 2016, the following working paper entry was made to eliminate the effects of the intercompany truck sale: Truck P 48,000 Gain on sale of truck 12,000 Depreciation expense 3,000 Accumulated depreciation 57,000

a. At how much was the truck sold for?

Answer :

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