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6 Photo Industries has owned 80 percent of Shutter Corporation for many years. On January 1, 20X6. Photo pald Shutter $243,000 to acquire equipment that Shutter had purchased on January 1, 20X3, for $267.000 The equipment is expected to have no scrap value and is depreciated over a 15-year useful life. Photo reported operating earnings of $100,000 for 20x8 and paid dividends of $35,000 Shutter reported net income of $42.000 and paid dividends of $22,000 in 20x8 (Leave no cell blank, enter "0" wherever required.) Required: a. Compute the amount reported as consolidated net income for 20x8. 8 03:41:40 Consolidated not income b. By what amount would consolidated net income change if the equipment sale had been a downstream sale rather than an upstream sale? Not income change 6 c. Prepare the consolidation entry or entries required to eliminate the effects of the intercompany sale of equipment in preparing a full set of consolidated financial statements at December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction that 8 04108 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: Event Accounts Debit Credit 1