A is owned by B. B sells a factory to A. The building had originally cost B $120 million to build on 1/1/2002 plus $20 million for the land. B had been depreciating the factory over a life of 15 years.A pays $60 million for the factory on 1/1/2011 plus an additional $30 million for the land, and plans to use the factory for 8 years. Neither firm assumed any salvage value for the factory. B uses the initial value method to account for its sub.

Provide all consolidation worksheet entries required for 2011 related to the factory.

On 7/1/2012, A decides to sell the factory and land to an independent party for $80 million.

Provide all consolidation worksheet entries related to the factory for 2012.