Plumber Corporation owns 60 percent of Socket Corporation's voting common stock. On December 31, 20X4, Plumber paid Socket $276,000 for dump trucks Socket had purchased on January 1, 20x2. Both companies use straight-line depreciation. The consolidation entry included in preparing consolidated financial statements at December 31, 20X4, was Credit Consolidation Worksheet Entry Trucks Gain on sale of Trucks Accumulated Depreciation Debit 24,000 36,000 60,000 Required: a. What amount did Socket pay to purchase the trucks on January 1, 20x2? Purchase amount $ 300,000 b. What was the economic life of the trucks on January 1, 20x2? Economic lito 15 years c. Prepare the worksheet consolidation entry needed in preparing the consolidated financial statements at December 31, 20X5. (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