$4$:$38$

Sonora for $$96,000.$ The equipment had cost $$139,000$ originally but had a $$49,$ life at the date of transfer. Depreciation expense is computed according to the straight$-$line method with no salvage value.

Consolidated financial statements for $2024$ currently are being prepared.

Required:

What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Consolidation Worksheet Entries

Note: Enter debits before credits.

Two entries are required.

Entry TA

Entry ED