Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 20X1. On January 1, 20X5, Pitcher received $258,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $318,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Required: e. Prepare the worksheet consolidation entry or entries needed at December 31, 20X5, to remove the effects of the Intercompany sale. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. view transaction list Consolidation Worksheet Entries < A B Record the entry to eliminate the gain on the truck and to correct the asset's basis. Note: Enter debits before credits. Event Accounts Debit Credit Gain on sale Truck 60,000 Accumulated depreciation