Upstream Intercompany Building Transactions Shiek Shoes sold an administrative building to its parent, Pearl Industries, on January 1, 2018, for $8,000,000. At the time of sale, the building was carried on Shieks books at original cost of $10,000,000, with $8,500,000 of accumulated depreciation. At the date of sale, the building had a remaining life of 20 years, and straight-line depreciation is appropriate. It is now December 31, 2020, the end of the accounting year, and you are preparing the working paper to consolidate the trial balances of Pearl and Shiek. Pearl still owns the building. Required a. Prepare the required eliminating entries for this intercompany building sale for the December 31, 2020, consolidation working paper. Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). Description Debit Credit Answer Answer 0 Answer 0 Accumulated depreciation Answer 0 Answer 425,000 Answer Answer 0 Answer 0 To eliminate the beginning-of-year unconfirmed gain. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To adjust depreciation expense. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To restate the accounts to their original acquisition cost basis. b. What balances does Pearl report in its own trial balance for this building at December 31, 2020? Use negative signs with answers to indicate a Credit (Cr) balance. Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). Account Amount Dr (Cr) Building, original cost $Answer 10,000,000 Accumulated depreciation Answer 425,000 Depreciaiton expense Answer 425,000 Consider these balances: building, original cost; accumulated depreciation, building; depreciation expense, building. What balances should be reported on the consolidated trial balance? Use negative signs with answers to indicate a Credit (Cr) balance. Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). Account Amount Dr (Cr) Building, original cost $Answer 10,000,000 Accumulated depreciation Answer 850,000 Depreciation expense Answer 0 Show how the eliminating entries in part a adjust Pearls book balances to the correct consolidated balances. Enter Debit and Credit answers in order as the journal entries appear in part a. Use negative signs in the "Dr (Cr)" columns to indicate a credit balance (not in the "Credit" column). Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). Account Pearl Dr (Cr) Debit Credit Consolidated Balances Dr (Cr) Building, original cost $Answer 0 Answer 0 Answer 0 $Answer 0 Accumulated depreciation Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Depreciation expense Answer 0 Answer 0 Answer 0