Parent Company owns 100 percent of the outstanding voting stock of Subsidiary Company. Subsidiary purchased a building from an outside party on January 1, 2015, at a cost of $400,000 and used a straight-line depreciation on an expected life of 20 years with no salvage value. On January 1, 2020, Parent purchased this building from Subsidiary for $320,000, and at that time, the building was estimated to have a 16-year remaining life with no salvage value. Depreciation expense is computed using the straight-line method. Required: 1. (3 points) What amount of depreciation expense on the building will Parent report for 2022? 2. (5 points) What amount of depreciation expense would Subsidiary have reported for 2022 if it had continued to own the building (i.e., consolidation-based depreciation expense)? 3. (9 points) Prepare the consolidation entries needed to eliminate the effects of the intercompany building transfer in preparing the consolidated financial statements on December 31, 2022