Question - On 1/1/17 Sally company sells a truck to Pete Company for $16,000 in cash. The truck had an original cost of $40,000 and accumulated depreciation of $32,000 and a remaining useful life of 4 years ate the date of sale. Sally Company is a wholly owned subsidiary of Pete Company.
Prepare the necessary work paper consolidating elimination entries on 12/31/18 assuming pete company stills owns the truck.