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P Company Bought 60% of the Common Stock of S

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P Company bought 60% of the common stock of S Company on January 1,2017.On January 1,2017 there was an intercompany sale of equipment at a gain of $63,000.The equipment had an estimated remaining life of six years.Net incomes of the two companies from their own operations (including sales to affiliates)were as follows:
P Company bought 60% of the common stock of S Company on January 1,2017.On January 1,2017 there was an intercompany sale of equipment at a gain of $63,000.The equipment had an estimated remaining life of six years.Net incomes of the two companies from their own operations (including sales to affiliates)were as follows:

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