Photo Industries has owned 80 percent of Shutter Corporation for manyyears. On January 1, 20X6, Photo pald Shutter $261,000 to acquire equipment that Shutter had purchased on January 1,20X3, for $288,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful Iffe. Photo reported operating eamings of $110,000 for 208 and poid dividends of $40,000. Shutter reponed net income of $43,000 and paid dividends of $23,000 in 208 Note: Leave no cell blank, enter " 0 " Wherever required. Required: a. Compute the amount reported as consolidated net income for 208 b. By what amount would consolidated net income change if the equipment sole had been o downstream sale fother thon an upstream sole? c. Prepare the consolidotion entiy or entries required to eliminate the effects of the intercompany sate of equipment in preparing a full 5 et of consolidoted finonciol statements of December 31,208 Note: If no entry is required for 9 transection/event, select "No journal entry required" in the first account field