Peak Corporation owns 75 percent of Summit Company's voting shares, acquired on March 21, 20X5, at book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Summit Company.

	Peak Corporation					Summit Company
Cash and Receivables		$	70,000			$	10,000
Inventory			46,250				20,000
Land			140,000				45,000
Buildings and Equipment			250,000				150,000
Investment in Summit Company Stock			93,750
Debits		$	600,000			$	225,000
Accum. Depreciation		$	100,000			$	42,500
Accounts Payable			30,000				12,500
Notes Payable			70,000				45,000
Common Stock			100,000				100,000
Retained Earnings			300,000				25,000
Credits		$	600,000			$	225,000

On January 1, 20X4, Peak paid $150,000 for equipment with a 10-year expected total economic life. The equipment was depreciated on a straight-line basis with no residual value. Summit purchased the equipment from Peak on December 31, 20X6, for $140,000. Summit sold land it had purchased for $75,000 on February 18, 20X4, to Peak for $60,000 on October 10, 20X7. Required: Prepare the consolidation entries for 20X8 related to the sale of depreciable assets and land if Peak uses the fully adjusted equity method to account for its investment in Summit.