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okay how are we doing now are you clear on the profit and inventory and the profit and sales scenarios lets up the complexity one more notch in this lesson and look at the scenarios where we sell depreciable assets which could include equipment building or even intangibles in scenario G instead of selling land were going to start selling a depreciable asset from parent corporation to the subsidiary G Co in this case parent corporation sells equipment to G Co for $75 that has a book value of $45 the $30 gain is fully taxable and the equipment has a three-year remaining economic life G Co continues using the equipment in its business for the remainder of the equipments economic life lets freeze the acquisition date by G Co of the equipment from Peco and prepare the consolidation entry as of that date what you will notice is that the results are exactly the same as what we saw with the land transaction the $30 gain is deferred net of the $12 of income tax the equipment carrying value