Subma 5 Check my work E7-19 Consolidation Entry in Period of Transfer LO 7-6 1.22 points Plumber Corporation owns 60 percent of Socket Corporation's voting common stock On December 31, 20X4, Plumber paid Socket $279,000 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 Consolidation Worksheet try Truk 21.000 Gain on sale of Trucks 19.000 Accumulated Depreciation 60.000 Required: a. What amount did Socket pay to purchase the trucks on January 1, 20x2? References Purchase amount $ 300,000 b. What was the economic life of the trucks on January 1 20x2? Economie 15 years Som Check my work 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. Round your answers to whole dollar.) view transaction list transaction list NO Event Dabli Credit IN 1 Accounts Investment in Socket Corporation NCI IN NA of Socket Corporation Truck Accumulated depreciation 23.400 15.500 21,000 80,000 B 2 Accumulated depreciation Depreciation expense