Frazer Corporation purchased 60 percent of Minnow Corporations voting common stock on January 1, 20X1. On December 31, 20X5, Frazer received $267,000 from Minnow for a truck Frazer had purchased on January 1, 20X2, for $327,000. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

RECORD THE ENTRY TO ELIMINAT THE GAIN ON THE TRUCK AND TO CORRECT THE ASSET'S BASIS.'

**PLEASE USE FIGURES ABOVE TO SOLVE THE QUESTION"""