The equipment is expected to have no scrap value and is


Please provide the answers below, completing the journal entries.

Baywatch Industries has owned 80 percent of Tubberware Corporation for many years. On January 1, 20X6, Baywatch paid Tubberware $264,000 to acquire equipment that Tubberware had purchased on January 1, 20X3, for $285,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful life.

Baywatch reported operating earnings of $110,000 for 20X8 and paid dividends of $45,000. Tubberware reported net income of $44,000 and paid dividends of $23,000 in 20X8. (Leave no cell blank, enter "0" wherever required.)

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Accounting Basics: The equipment is expected to have no scrap value and is
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