Plimpton holds 100% of the outstanding shares of Stranger. On January 1, 2005, Plimpton transferred equipment to Stranger for $70,000. The equipment had cost $110,000 originially but had a $40,000 book value and a 5 year remaining life at the date of transfer. Depriciation expense is computed using the straight line method. Consolidated financial statements for 2007 currently being prepared. What worksheet entries are needed in connection with the consolidation of this asset? Assume the parent applies the partial equity method.