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Secam is a 80% owned subsidairy of Pal corporation, acquired at book value several years...

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Accounting

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Secam is a 80% owned subsidairy of Pal corporation, acquired at book value several years ago. Compartive separate compay income statements items for 2020 is shown below: Secam Pal 30,000,000 Sales 12,800,000 Gain on sale of truck 800,000 Cost of goods sold 20,000,000 8,000,000 Operating expenses 4,000,000 2,600,000 On January 1, 2020 Secam sold a truck with a 10 year remaining useful life to Pal for $1,800,000 cash Cost of the truck was $1.400.000 and accumulated depreciation $400,000. At year-end 2020, Pal owed S$1.500. Required: 1- Record journal entries prepared by "parent" during 2020 2- Prepare elimination/adjusting entries for the year 2020. 113 P

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