Parent Corporation owns 90 percent of Subsidiary Company's stock. During 2018, Parent sold inventory purchased $48,000 to

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Parent Corporation owns 90 percent of Subsidiary Company's stock. During 2018, Parent sold inventory purchased $48,000 to Subsidiary for $60,000. Subsidiary then sold half of the inventory to a non-affiliate by the end of the year. On 2018, Parent sold $15,000 inventory which was purchased from Subsidiary in 2017. The cost of inventory for Subsidiary was $10,000.

Prepare Parent’s adjusting journal entries and the consolidation entries that related to intercompany sale of inventory for 2018.