Question

I need help figuring accumulated depreciation and depreciation expense the rest of the problem is correct and complete.

Frazer Corporation purchased 60 percent of Minnow Corporation's 20X1 On December 31, 20X5, Frazer received $258,000 from Minnow for a truck Frazer had purchased on January 1, 20X2, for $348,000. The truck is expected to have a 10-year useful life and no salvage value Both companies depreciate trucks on a straight-line basis voting common stock on January 1, Required: a. Prepare the worksheet consolidation entry or entnies needed at December 31. 20X5, to remove the effects of the intercompany sale (if no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) view transaction list NoEvent DebitCredit Truck 90,000 Gain on sale 49.200 Accumulated depreciation 139.200 b Prepare the worksheet consolidation entry or entnes needed at December 31. 20x6, to remove the effects of the intercompany sale (f no entry is required for a transactionievent, select "No journal entry required" in the first account field.) view transaction list transaction list No Event Debit Credit Investment in Minnow Corporation Truck 49,200 90,000 Accumulated depreciation 139 200 Accumulated depreciation Depreciation expense

Answer 1

Almost you have complete tha problem any how I provide the transaction

Dr acculated depreciation $139200

Cr depreciation expense. $ 139200