1. On January 1, 2017, a subsidiary sold equipment to its parent for $520,000. The subsidiarys original cost was $200,000 and as of January 1, 2017, $20,000 in depreciation had been recorded on the subsidiarys books. At the date of sale, the equipment had a 10-year remaining life, straight-line. It is now December 31, 2021 (5 years since the sale), and the parent still holds the equipment.

REQUIRED: Prepare the consolidation eliminating entries for 2021