Information for Questions 33 to 36 Inter-company Depreciable…
Information for Questions 33 to 36 Inter-company Depreciable Transactions Penn owns 80% of Senn’s stock. On January 3, 20X4, Senn sold equipment with an original cost of $30,000 and a carrying value of $12,000 to Penn for $16,000. The equipment had a remaining useful lifespan of four years and was depreciated using the straight-line method by both companies. When entering your answers, round them to the nearest dollar, enter them as numbers with no decimal places and no dollar ($) signs, and enter the numbers with or without the comma separator (e.g., either 28,374 or 28374). If a question is asking about an amount for which there is no entry, you must enter a 0. Blanks are marked as incorrect. For partial credit, do the following: After stating your answers, use the partial credit question that follows to show how you arrived at them (e.g., 13,000 ). Include any explanations or logic you used to arrive at your answers.