PLEASE SHOW ALL WORK REQUIRED

(0) During the year ended December 31, 2019, Parent Company (the parent) sold merchandise to Subsidiary Corporation (a 90%-owned subsidiary) for a price of $32,340, at a markup of 32% of cost. Subsidiary sold merchandise acquired from Parent to outsider customers for $38,500 dyng 2019. Included in Subsidiary's January 1, 2019, inventories were goods acquired from Parenti a billed price of $3,036 and included in Subsidiary's December 31, 2019, inventories were goous acquired from Parent at a billed price of $2,310. Prepare the working paper eliminating entries (in journal entry format) related to the intercompany sale of merchandise for the year ended December 31, 2019. Show how the working paper eliminating entry in part (1) adjusts cost of goods sold and ending inventory to the correct consolidated balances. Parent Subsidiary Adjustments & Eliminations Consolidated Debits Credits Cost of goods sold (ii) Inventory (iii) How (increase or decrease and the amount) is Parent's 2019 equity in income of Subsidiary affected by the intercompany sale of merchandise? (0) During the year ended December 31, 2019, Parent Company (the parent) sold merchandise to Subsidiary Corporation (a 90%-owned subsidiary) for a price of $32,340, at a markup of 32% of cost. Subsidiary sold merchandise acquired from Parent to outsider customers for $38,500 dyng 2019. Included in Subsidiary's January 1, 2019, inventories were goods acquired from Parenti a billed price of $3,036 and included in Subsidiary's December 31, 2019, inventories were goous acquired from Parent at a billed price of $2,310. Prepare the working paper eliminating entries (in journal entry format) related to the intercompany sale of merchandise for the year ended December 31, 2019. Show how the working paper eliminating entry in part (1) adjusts cost of goods sold and ending inventory to the correct consolidated balances. Parent Subsidiary Adjustments & Eliminations Consolidated Debits Credits Cost of goods sold (ii) Inventory (iii) How (increase or decrease and the amount) is Parent's 2019 equity in income of Subsidiary affected by the intercompany sale of merchandise