Consolidation Entry: Land and Building Transfer — Upstream (100% ownership) On 7/1/05, Sill Inc., a 100%-owned subsidiary, sold a warehouse facility for $129,000 cash to Fane Inc., its par¬

ent, recording a $30,000 gain on the sale. Sill’s historical cost for the land and building were $33,000 and $176,000, respectively.

Fane, which allocated $43,000 of the purchase price to the land and $86,000 to the building, uses straight-line depreciation and assigned a 5-year remaining life to the building.

Frepare the consolidation entry required at 12/31/05 relating to this sale. (For Module 1 only: First make the necessary general ledger adjusting entry at this date.)