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Photo Industries has owned 80 percent of Shutter Corporation for many years. On January 1, 20X6, Photo paid Shutter $252,000 to acquire equipment that Shutter had purchased on January 1, 20X3, for $279,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful life. Photo reported operating earnings of $120,000 for 20X8 and paid dividends of $45,000. Shutter reported net income of $43,000 and paid dividends of $25,000 in 20X8. (Leave no cell blank, enter "0" wherever required.) Required: a. Compute the amount reported as consolidated net income for 20X8.

Consolidated net income$165,400

b. By what amount would consolidated net income change if the equipment sale had been a downstream sale rather than an upstream sale?

Net income: $0

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

No	Event	Accounts	Debit	Credit
A	1	Equipment	27,000	not attempted
		Investment in Shutter		not attempted
		NCI in NA of Shutter		not attempte
		Accumulated depreciation		not attempted
B	2	Accumulated depreciation	2,400
		Depreciation expense		2,400