A parent company acquired its 75% interest in its subsidiary on January 1,2008. On Jan,1,2011, the parent sold equipment to the subsidiary (downstream) for a cash price of $240,000. The Parent acquired the equipment at a cost of $480,000 and depreciated the equipment over its 10 year useful life, using the straight line method ( no salvage value). The parent had depreciated the equipment for 6 years at the time of sale. The subsidiary retained the depreciation policy of the subsidiary and depreciated the equipment over its remaining 4 year useful life.

Prepare the i-gain consolidation for the year ended December 31, 2013, related to the intercompany sale of the equipment.