8. Assume that on January 1, 2016, a parent sells to its wholly owned subsidiary, for a sale price of $135,000, equipment that originally cost $138,000. The parent originally purchased the equipment on January 1, 2010 and depreciated the equipment assuming a 12-year useful life (straight-line with no salvage value). The subsidiary has adopted the parent's depreciation policy and depreciates the equipment over the remaining useful life of 6 years. The parent uses the equity method to account for its Equity Investment. a. Prepare the required [I] consolidation entry in 2016 (assume a full year of depreciation). b. Prepare the required [1] consolidation entry in 2019 (assuming the subsidiary is still holding the equipment). a. Gain on Sale Equipment $3,000 Accumulated Depreciation Accumulated Depreciation Depreciation Expense