On July 1, 2015, Pearl Industries sold administrative equipment with a book value of $1,200,000 to its subsidiary, Shiek Shoes, for $1,400,000. At the date of sale, the equipment had a remaining life of five years. It is being straight-line depreciated on Shiek's books. It is now December 31, 2017, the end of the accounting year, and you are preparing the working paper to consolidate the trial balances of Pearl and Shiek. Shiek still owns the Required (a) Prepare the necessary consolidation eliminating entries at December 31, 2017 Consolidation Journal Description Debit Credit Investment in Shiek 1,400, Equipment, net 01,400, x To eliminate unconfirmed gain on i transfer of equipment. Equipment, net 1,400, 0 1,400, To eliminate excess depreciation expense (b) It is now December 31, 2018. Prepare the required eliminating entries for this intercompany equipment transaction for the December 31, 2018 Consolidation Journal Description Debit Credit Investment in Shiek Equipment, net To eliminate unconfirmed gain on i transfer of equipment. Equipment, net To eliminate excess depreciation expense