Fishing Tours Ltd. is a 75% owned subsidiary of Boat Rentals Ltd. On January 1, 2012, Fishing Tours sold a boat to Boat Rentals Ltd. for $80,000, recognizing a gain of $30,000. Boat Rentals depreciated the boat on a straight-line basis over five years. On July 1st, 2015, Boat Rentals Ltd. sold the boat to an unaffiliated company for $55,000. Assume a 40% corporate tax rate. Required: Prepare the appropriate consolidation adjustments relating to the boat for December 31, 2015.

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