I need some help with the following question. The book were using sometimes doesn't give all the information up front and makes it hard to find out how to solve something. The question is attached below.

Assume that Parent Company decides to sell $5,000 of Inventory to Sub for $7,000 cash. Show the sale and the subsequent elimination entries by Parent Company Sale by Parent Parent Company Balance Sheet Assets, Liabilities & Equities Cash AR Inventory Land Equipment Accumulated Depreciation Patent Total Assets AP Common Stock Additional Paid In Capital Retained Earnings Total Liabilities & Equity Book Value $1,500,000 $10,000 $200,000 $640,000 $400,000 -$150,000 Account $0 $2,600,000 $100,000 $450,000 $600,000 $1,450,000 $2,600,000 Account Sub Company Balance Sheet Assets, Liabilities & Equities Book Value Cash $35,000 AR $10,000 Inventory $65,000 Land $40,000 PP&E $400,000 Accumulated Depreciation -$150,000 Patent $0 Total Assets $400,000 AP $100,000 Common Stock $100,000 Additional Paid In Capital $50,000 Retained Earnings $150,000 Total Liabilities & Equity $400,000 Assume that book Value = Fair Value DR CR DR CR DR CR Acquisition by Sub Elimination Entries Account