Pam Corporation holds 70 percent ownership of Spray Enterprises. On December 31, 20X6, Spray paid Pam $38,500 for a truck that Pam had purchased for $43,500 on January 1, 20X2. The truck was considered to have a 20-year life from January 1, 20X2, and no residual value. Both companies depreciate equipment using the straight-line method. Required: a. Prepare the worksheet consolidation entry or entries needed on December 31, 20X6, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries A Record the entry to eliminate the gain on the truck and to correct the asset's basis. Note: Enter debits before credits. Event Accounts Debit Credit 1 Gain on sale of truck Truck Accumulated depreciation Record entry Clear entry view consolidation entries b. Prepare the worksheet consolidation entry or entries needed on December 31, 20X7, to remove the effects of the intercompany sale. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries A B Record the entry to eliminate the gain on the truck and to correct the asset's basis. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry view consolidation entries