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Unformatted text preview: overstated on January 1, 2012 by $700. $12,000 (Original Cost) - $7,500 (Accumulated Depreciation) = $4,500 (Book Value) $5,200 (Sales Price) - $4,500 (Book Value) = $700 Gain on Sale of Asset Since Paul Corporation owns 75% of Sadine Company, the $700 gain on sale of asset is not realized since it is not an arm’s length transaction...
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This note was uploaded on 03/23/2012 for the course ACCT 306 taught by Professor Mikewoodard during the Spring '12 term at DeVry Houston.
- Spring '12