Business, 25.11.2021 06:10 tjaigirl

Wilson owned equipment with an estimated life of 10 years when it was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2019. On April 1, 2019 Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. Compute the gain on transfer of equipment reported by Wilson for 2019. $19,500. $18,250. $11,750. $38,250. $37,500.

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