Padre holds 100 percent of the outstanding shares of Sonora. On January 1, 2022, Padre transferred equipment to Sonora for $110,000. The equipment had cost $146,000 originally but had a $56,000 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 2024 currently are being prepared. Required: What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Note: Enter debits before credits