Photo Industrles has owned 80 percent of Shutter Corporation for many years. On January 1, 20X6, Photo pald Shutter $228,000 to acquire equipment that Shutter had purchased on January 1,203, for $258,000. The equipment is expected to have no scrap value and is depreclated over a 15 -year useful life. Photo reported operating earnings of $110,000 for 208 and pald dividends of $45,000. Shutter reported net Income of $43,000 and pald divldends of $22,000 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 sale had been a downstream sale rather than an upstream sale?. c. Prepare the consolidation entry or entrles required to eliminate the effects of the Intercompany sale of equipment in preparing a full set of consolidated financlal statements at December 31,208. Note: If no entry is requlred for a transaction/event, select "No journal entry requlred" In the first account fleld. Consolidation Worksheet Entries Record the entry to eliminate the gain on the equipment and to correct the asset's basis. Note: Enter debits before credits