On January 1, 2014, Gold Company purchased a computer with an expected economic life of five years. On January 1, 2016, Gold sold the computer to TLK Corporation and recorded the following entry:

Consolidation Worksheet Entries

Debit

Credit

  Cash

39,000  

  Accumulated Depreciation

16,000  

       Computer Equipment

40,000  

       Gain on Sale of Equipment

15,000  

TLK Corporation holds 60 percent of Gold’s voting shares. Gold reported net income of $45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $85,000 for 2016. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer.

1.

In the preparation of the 2016 consolidated income statement, depreciation expense will be

2.

In the preparation of the 2016 consolidated balance sheet, computer equipment will be

3.

Income assigned to the noncontrolling interest in the 2016 consolidated income statement will be

4.

Consolidated net income for 2016 will be