Exercise $4($LO $3)$ Machinery sale. On January $1,2016,$ Jungle Company sold a machine to Safari Company for $$30,000.$ The machine had an original cost of $$24,000,$ and accumulated depreciation on the asset was $$9,000$ at the time of the sale. The machine has a $5-$year remaining life and will be depreciated on a straight$-$line basis with no salvage value. Safari Company is an $80\%-$owned subsidiary of Jungle Company.

$1.$ Explaintheadjustmentsthatwouldhavetobemadetoarriveatconsolidatednetincomefor the years $2016$ through $2020$ as a result of this sale.