Wallton acquired a building with a 10-year life for $300,000. Wallton anticipated no salvage value, and the building was to be depreciated on the straight-line basis. On January 1, 2011, Wallton sold this building to Hastings for $280,000. At that time, the building had a remaining life of eight years but still no expected salvage value. In preparing financial statements for 2011, how does this transfer affect the computation of consolidated net income? Income must be reduced by $36,000. Income must be reduced by $40,000. Income must be reduced by $32,000. Income must be reduced by $35,000.
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