Grande Machinery Company purchased, for cash, a $60,000 custom machine on January 1, 2011. The machine has an estimated 5-year life and w ill be...

Grande Machinery Company purchased, for cash, a $60,000 custom machine on January 1, 2011. The machine has an estimated 5-year life and w ill be straight-line depreciated with no salvage value. The machine was then leased to Sunshine Engineering Company, an 80%-owned subsidiary, under a 5-year operating lease for $15,000 per year, payable each January.Provide the elimination entries needed for the 2011 consolidated worksheet.