2. On 1 January 2023, Ferengi Ears Ltd sold some diagnostic equipment on favorable terms to Precisi Medical Ltd for $42,000. Ferengi Ears Ltd had originally paid $85,000 for this asset, and at the time of sale had charged accumulated depreciation of $37,000. This asset is to be depreciated on a straight-line basis at 10% p.a. on cost and it is still on hand with Precisi Medical Ltd at 30 June 2024. Tax Rate is 30%. Please explain what I need to do with this transaction and show any journal entries necessary for the preparation of Consolidated financial statements.