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Exercise 6-7 / Your answer is partially correct. Try again. Perkins Company owns 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company at 20% above cost. During 2014 and 2015, such sales amounted to $435,600 and $478,800, respectively. At the end of each year, Sheraton Company had in its inventory one-third of the amount of goods purchased from Perkins during that year. Prepare the workpaper entries necessary to eliminate the effects of the intercompany sales for 2014 and 2015. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit Credit 2014 Sales 435,600 Purchases 435,600 (To eliminate intercompany sales) Inventory - Ending (Incom 24,200 Inventory (Balance She 24,200 (To eliminate intercompany profit in ending inventory) 2015 Sales 478,800 Purchases 478,800 (To eliminate intercompany sales) Retained Earnings 26,600 Inventory - Beginning ( 26,600 (To recognize intercompany profit included in beginning inventory and reduce beginning consolidated retained earnings for unrealized intercompany profit at the beginning of the year) Inventory - Ending (Incom 50,800 Inventory (Balance She 50,800 (To eliminate intercompany profit in ending inventory)