Playoff Corporation holds 90 percent ownership of Series Company. On July 1, 20X3, Playoff sold equipment that it had purchased for $57,000 on January 1, 20X1, to Series for $53,000. The equipments original six-year estimated total economic life remains unchanged. Both companies use straight-line depreciation. The equipments residual value is considered negligible. Required: a. Prepare the consolidation entry or entries in the consolidation worksheet prepared as of December 31, 20X3, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest dollar.)

b. Prepare the consolidation entry or entries in the consolidation worksheet prepared as of December 31, 20X4, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest dollar.)