Equity in Net Income and Eliminating Entries, Intercompany Asset Transfers and Services
On March Suro sold land to Pohang for $; the land originally cost $ Pohang continues to hold the land.
On January Suro sold machinery to Pohang for $ and recorded a gain of $ The machinery is being depreciated over its remaining life of five years, straightline.
Pohang billed Suro $ for services during Costs incurred in supplying these services amounted to $ On December the unpaid portion of these intercompany services amounted to $
Required
b Prepare the working paper eliminations to consolidate the accounts of Pohang and Suro at December
