Please complete the eleminating Journal Entires for parts A,B,and C.

(Complete all of the red parts)

Downstream Intercompany Equipment Transactions On July 1, 2015, Pearl Industries sold administrative equipment with a book value of $600,000 to its subsidiary, Shiek Shoes, for $700,000. At the date of sale, the equipment had a remaining life of five years. It is being straight-line depreciated on Shiek's books. It is now December 31, 2017, the end of the accounting year, and you are preparing the working paper to consolidate the trial balances of Pearl and Shiek. Shiek still owns the equipment. Required (a) Prepare the necessary consolidation eliminating entries at December 31, 2017. Consolidation Journal Description Debit Credit Investment in Shiek 600,000X 0 Equipment, net 0 To eliminate unconfirmed gain on intercompany transfer of equipment. Equipment, net 0 Depreciation expense 0 0 To eliminate excess depreciation expense