Exercise 7-8 (Static) Transfer of Depreciable Asset at Year-End LO 7-5 Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 201. On December 31, 20X5, Pitcher received $ 210,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $ 300,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Required: a. Prepare the worksheet consolidation entry or entries needed at December 31, 20X5, to remove the effects of the intercompany sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list transaction list No Event A 1 Gain on sale Truck Accumulated depreciation Accounts Debit Credit