Parent Corp. holds 90% ownership of the stock of Sub Inc. On January 1, 2019, Parent sold equipment to Sub for $160,000. The equipment had been originally purchased by Parent for $180,000 and used for 5 years. Parent estimated the equipment has no salvage value and has depreciated the equipment on a straight-line basis over a 15-year useful life.

Required: For the intercorporate sale of equipment above,

(1) Prepare the necessary consolidation entry(ies) at Dec. 31, 2019.

(2) Prepare the necessary consolidation entry(ies) at Dec. 31, 2022.