Paper Corporation owns 75 percent of Scissor Company's stock. On July 1, 20X8, Paper sold a building to Scissor for $33,000. Paper had purchased this building on January 1, 20X6, for $36,000. The building's original eight-year estimated total economic life remains unchanged. Both companies use straight-line depreciation. The building's residual value is considered negligible.Based on the information provided, in the preparation of the 20X8 consolidated financial statements, building will be ________ in the consolidating entries.
A. debited for $33,000
B. debited for $3,000
C. debited for $36,000
D. credited for $36,000
Answer: B
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Answer the following statement true (T) or false (F)