Force Petroleum owns equipment that originally cost $80,000. The equipment is currently being used on the Williams Lease. Force Petroleum owns a 40%

working interest in the Williams Lease and serves as the operator of the lease. The company plans to use the equipment on a lease wholly owned by Force Petroleum.

The equipment is transferred to the company’s warehouse. The equipment is in Condition B and originally was Condition A when transferred to the property.

The current market price is $100,000.

REQUIRED: Prepare the entry to record the transfer.