• CONCEPT Designs Pty Ltd sold a reception desk to LUXURY Furnishings (parent company) on 20 October 2020 for $65,000. CONCEPT Designs acquired the reception desk for a cost of $105,000 on 10 November 2015. The reception desk was being depreciated by CONCEPT Designs Pty Ltd on a straight-line basis over ten years. LUXURY Furnishings has assessed that the furniture have a remaining useful life of four years. (the acquisition date on on 1 April 2019) tax rate is 30% and gain on sales of PPE is $11,924.66

(please prepare the journey entry of the consolidated elimination and the depreciation adjustment)