Multiple Choice
P Corp.owns 90% of the outstanding common stock of S Company.On December 31, 2014, S sold equipment to P for an amount greater than the equipment's book value but less than its original cost.The equipment should be reported on the December 31, 2014 consolidated balance sheet at
A) P's original cost less 90% of S's recorded gain.
B) P's original cost less S's recorded gain.
C) S's original cost.
D) P's original cost.
Correct Answer:

Verified
Correct Answer:
Verified
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