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Computing the amount of equity income and preparing [U] consolidation journal entries - Equity method Assume that a parent company sells inventory to its wholly owned subsidiary. The subsidiary, ultimately, sells the inventory to customers outside of the consolidated group. You have compiled the following data for the years ending 2015 and 2016: Subsidiary Intercompany Gross Profit Inventory on Unsold Receivable Income Sales Inventories (Payable) 2016 $150,000 $20,000 $7,000 $7,500 2015 $100,000 $25,000 $9,000 $14,000 Net Assume that inventory not remaining at the end of the year was sold outside of the consolidated group. The subsidiary paid $80,000 in dividends during 2016. a. How much Income (loss) from subsidiary should the parent report in its pre-consolidation income statement the year ending 2016 assuming that it uses the equity method of accounting for its Equity Investment? $ 0 b. Prepare the required [I] consolidation journal entries for 2016. Consolidation Spreadsheet Description Debit Credit [lcogs) Sales 0 0 Cost of goods sold 0 0 [Isales) Sales Cost of goods sold [lcogs] Cost of goods sold Inventory [lpay] Accounts payable Accounts receivable 0 0 0 0 0 0 0 0 0 0 0 0