PROBLEM 2 On January 2, 20X2, Jungle sold a machine to Safari Company for $84,000. The machine had an original cost of $70,000, and accumulated depreciation on the asset was $22,000 at the time of the sale. The machine has a 6-year remaining life and will be depreciated using straight line method with no salvage value. Safari Company is a 85%-owned subsidiary of Jungle Company. 1. Explain the adjustments that would have to be made to arrive at consolidated net income for the years 20X2 through 20X6 as a result of this sale. 2. Prepare the elimination that would be required on the December 31, 20X2, consolidated worksheet as a result of this sale. 3. Prepare the entry for the December 31, 20X3, worksheet as a result of this sale.