Downstream Intercompany Equipment Transactions equipment. Required (a) Prepare the necessary consolidation eliminating entries at December 31, 2017. (c) Now assume that Shiek sells the equipment to an outside party for $1,000,000 on January 1, 2019. What is the consolidated gain on the sale of equipment? \$ What is the gain reported by Shiek? \$ Prepare the required eliminating entries for the December 31,2019 , consolidation working pap