In its 207 consolidated Income statement, Plate Development Company reported consolidated net Income of $961,000 and $42,000 of Income assigned to the 30 percent noncontrolling interest In Its only subsidiary, Subsidence Mining Inc. During the year, Subsidence had sold a prevlously mined parcel of land to Plate for a new housing development; the sales price to Plate was $465,000, and the Iand had a carrying amount at the time of sale of $560,000. At the beginning of the previous year, Plate had sold excavation and grading equipment to Subsidence for $300,000; the equipment had a remaining life of 6 years as of the date of sale and a book value of $216,000. The equipment originally had cost $360,000 when Plate purchased it on January 2,202. The equlpment never was expected to have any salvage value. Plate had acquired 70 percent of the voting shares of Subsidence elght years earlier when the fair value of its net assets was $300,000 higher than book value, and the falr value of the noncontrolling Interest was $90,000 more than a proportionate share of the book value of Subsidence's net assets. All the excess over the book value was attributable to Intanglble assets with a remaining IIfe of 10 years from the date of combination. Both parent and subsidiary use straight-Ine amortization and depreciation. Assume Plate uses the fully adjusted equity method. Requlred: a. Present the journal entry made by Plate to record the sale of equipment in 206 to Subsidence. (If no entry is requlred for a transactlon/event, select "No journal entry requlred" In the first account field.) Journal entry worksheet Record the entry for the sale of equipment in 206. Note: Enter debits before credits. b. Present all consolidation entries related to the Intercompany transfers of land and equipment that should appear in the consolidation worksheet used to prepare a complete set of consolidated financlal statements for 20X7. (If no entry Is requlred for a transactlon/event, select "No journal entry requlred" In the first account field.) A Record the entry to eliminate the loss on the purchase of land. B Record the entry to eliminate the gain on equipment and to correct the asset's basis. C Record the entry to adjust Accumulated Depreciation. Note : = journal entry has been entered c. Compute Subsidence's 207 reported net Income. d. Compute Plate's 207 Income from its own separate operations, excluding any Investment Income from its Investment in Subsidence Mining