Intercompany Fixed Assets Elimination Entries (FAR exam) | Universal CPA Review

[@kaygeebee]

What entity do these adjustments get recorded to? Are they an elimination account that is used to correct the consolidated role up?

[@ushirshah1264]

Just a small correction In the example narration you mentioned that minnow corp. is the seller, however in the Journal you have mentioned Minnow corp. as the purchaser

[@universalcpareview]

Thanks for the heads up!

[@krishnat8524]

Hi, opening ACC dep was 100 and it got reversed on sale. Had no sale been made it would have been 100+60 at the year end. Why does elimination not result in cl.acc dep @160

[@SahilHoque037]

Can you please tell the answer?