(Solved by Humans)-Zest had been depreciating the equipment over a five-year period using straight-line depreciation...
Question
Zest Co. owns 100% of Cinn, Inc. On January 2, 1999, Zest sold equipment with an original cost of $80,000 and a carrying amount of $48,000 to Cinn for $72,000. Zest had been depreciating the equipment over a five-year period using straight-line depreciation with no residual value. Cinn is using straight-line depreciation over three years with no residual value. In Zest’s December 31, 1999 consolidating worksheet, by what amount should depreciation expense be decreased? $0 $ 8,000 $16,000 $24,000
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