On Jan $1,2$XX$0,$ Parent sells to its wholly owned investee equipment that had cost $$500,000.$ The selling price was $$360,000$ and accumulated depreciation on that date was $$150,000.$ The subsidiary depreciates the equipment over its remaining life of $10$ years. The subsidiary sells the equipment on Jan $1,2$XX$2$ for $$340,000.$

Required

a$.$ Prepare the consolidation entries for $2$XX$0$ related to the equipment sale. If an entry is not needed select $"$N$/$A $-$ Debit entry not needed" or $"$N$/$A $-$ Credit entry not needed" and leave the debit and credit columns blank.

b$.$ Prepare the consolidation entries for $2$XX$2$ related to the equipment sale. If an entry is not needed select $"$N$/$A $-$ Debit entry not needed" or $"$N$/$A $-$ Credit entry not needed" and leave the debit and credit columns blank.

equipment on Jan $1,22$ for $$340,000.$

Required

a$.$ Prepare the consolidation entries for $2$ XXO related to the equipment sale. If an entry is not needed select $"$N$/$A $-$ Debit entry not needed" or $"$N$/$A $-$ Credit entry not needed" and leave the debit and credit columns blank.

b$.$ Prepare the consolidation entries for $2$ XX $2$ related to the equipment sale. If an entry is not needed select $"$N$/$A $-$ Debit entry not needed" or $"$N$/$A $-$ Credit entry not needed" and leave the debit and credit columns blank.

c$.$ What will be the gain on sale on the $22$ consolidated income statement?

$c$.$ What will be the gain on sale on the $2$XX$2$ consolidated income statement?