Pocket Corporation holds 70 percent of Strap Company's voting common stock. On January 1, 20X2, Strap paid $360,000 to acquire a building with a 15-year expected economic life. Strap uses straight-line depreciation for all depreciable assets. On December 31, 20X7, Pocket purchased the building from Strap for $176,000. Pocket reported income, excluding investment income from Strap, of $135,000 and $175,000 for 20x7 and 20X8, respectively. Strap reported net income of $11,000 and $48,000 for 20x7 and 20x8, respectively. c. Prepare the appropriate consolidation entry or entries needed to eliminate the effects of the intercompany sale of the building in preparing consolidated financial statements for 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to whole dollar.) view transaction list Consolidation Worksheet Entries A B B > Record the entry to eliminate the gain on the building and to correct the asset's basis. Note: Enter debits before credits. Accounts Debit Credit Event 1 Record entry Clear entry view consolidation entries d. Compute consolidated net income and the amount of income assigned to the controlling shareholders in the consolidated income statement for 20X8. (Round your answers to whole dollar.) Consolidated net income for 20X8 Income assigned to controlling interest