on January 1 of Year 1, Salcha Corporation sold equipment that originally had cost $100,000 (but had accumulated depreciation of $40,000) to the Port Lions Corporation for $80,000. At the time of the sale, the equipment had a remaining life of 5 years. The Port Lions Corporation owns 80% of the Salcha Corporation.

Required:

Write the consolidation/elimination entries that would be required by Port Lions in Year 1 relating to this sale.