On January 1, 2020, Parent Corporation purchased equipment from its 70% owned subsidiary for $360,000. The total useful life of the equipment was 15 years when Sub originally purchased it on January 1, 2015 for $450,000. Both Parent and Sub use straight-line depreciation. Required: (a) Prepare the December 31, 2020 consolidation entry in general journal format. (b) Prepare the December 31, 2023 consolidation entry in general journal format. (C) Repeat requirement (b), assuming instead that this had been a downstream sale. On January 1, 2020, Parent Corporation purchased equipment from its 70% owned subsidiary for $360,000. The total useful life of the equipment was 15 years when Sub originally purchased it on January 1, 2015 for $450,000. Both Parent and Sub use straight-line depreciation. Required: (a) Prepare the December 31, 2020 consolidation entry in general journal format. (b) Prepare the December 31, 2023 consolidation entry in general journal format. (C) Repeat requirement (b), assuming instead that this had been a downstream sale