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Water Co. owns 80% of the outstanding common stock of Fire Co. On December 31, Year 1, Fire sold equipment to Water at a price in excess of Fire's carrying amount, but less than its original cost. On a consolidated balance sheet at December 31, Year 1, the carrying amount of the (cost less accumulated depreciation) equipment should be reported at:
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Water Co. owns 80% of the outstanding common stock of Fire Co. On December 31, Year 1, Fire sold equ...
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