Baywatch industries has owned 80% of Tubberware corporation for many years, on January 1, 20X6, baywatch paid Tubberware $252,000 to acquire equipment that Tubberware had purchased on January 1,20X3, for $276,000. The equipment is expected to have no scrap value and is depreciated over a 15 years useful life . Baywatch reported operating earning of $110,000 for 20X8 and paid dividends of $40,000. Tubberware reported net income of $44,000 and paid dividends for $24,000 in 20X8. Required.:a. Compute the amount reported as consolidated net income for 20X8. B. Prepare the consolidation entry or entries required to ellminate the effect of the intercompany sale of equipment in preparing a full set of consolidation financial statement at December 31, 20X8.