Padre holds $100$ percent of the outstanding shares of Sonora. On January $1,2019,$ Padre transferred equipment to Sonora for $$120,000.$ The equipment had cost $$151,000$ originally but had a $$61,000$ book value and five$-$year remaining life at the date of transfer. Depreciation expense is computed according to the straight$-$line method with no salvage value.

Consolidated financial statements for $2021$ currently are being prepared.

What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$