B- Panda Corporation purchased 75% of Saratoga Industries' common stock on January 2, 2019. On January 1, 2020, Saratoga sold equipment to Panda that had a net book value of $40,000 and an original cost of $60,000 for $50,000. On January 1, 2020, Panda sold a building to Saratoga that had a net book value of $500,000 and an original cost of $625,000 for $750,000. The equipment had a remaining useful life of 8 years, and the building had a remaining useful life of 20 years. Neither asset had salvage value. Both companies use straight-line depreciation. Selected account balances are shown below for Panda and Saratoga for the year ended December 31, 2020: Panda Saratoga Sales $700,000 $690,000 Cost of Goods Sold 450,000 250,000 Other Expenses 150,000 75,000 Building - net 1,400,000 712.500 Equipment - net 790,000 467,500 Gain on sale 250.000 10,000 Required: 1. Calculate the following balances for the year ended December 31, 2020: a. Consolidated "Other Expenses" b. Consolidated Buildings c. Consolidated Equipment 2. Calculate consolidated net income and controlling share of consolidated net income for 2020. 3. Prepare consolidation working paper entry to eliminate Income from subsidiary-parent share. No dividends were declared or paid