Padre holds 100 percent of the outstanding shares of Sonora. On January 1,2016, Padre transferred equipment to Sonora for $116,000 The equipment had cost $149,000 originally but had a $59,000 book value and five-year remaining life at the date of transfer expense is computed according to the straight-line method with no salvage value. consolidation of this asset? Assume that the parent applies the partial equity method. (If no entry is required for a select "No journal entry required" in the first account field.) Consolidation Worksheet Entries Next