Preparing the [I] consolidation journal entries for sale of depreciable assets - Equity method Assume on January 1,2020, a wholly owned subsidiary sells to its parent, for a sale price of $88,000, equipment that originally cost $120,000. The subsidiary originally purchased the equipment on January 1, 2016, and depreciated the equipment assuming a 12-year useful life (straight-line with no salvage value). The parent has adopted the subsidiary's depreciation policy and depreciates the equipment over the remaining useful life of 8 years. The parent uses the equity method to account for its Equity Investment. a. Compute the annual pre-consolidation depreciation expense for the subsidiary (preintercompany sale) and the parent (post-intercompany sale). b. Compute the pre-consolidation Gain on Sale recognized by the subsidiary during 2020. c. Prepare the required [I] consolidation joysnal entry in 2020 (assume a full year of depreciation). d. Now assume that you are preparing the year-end consolidation journal entries for the year ending December 31, 2022. Prepare the required [1] conolidation journal entries during the holding c. Prepare the required [I] consolidation journal entry in 2020 (assume a full year of depreciation). d. Now assume that you are preparing the year-end consolidation journal entries for the year ending December 31, 2022. Prepare the required [1] consolidation journal entries during the holding period