1. On January 1, 2016, Parent Company acquired 100% of the cammon stock of Subsidiary Company for$750.000. On this date Subsidiary had total owners equity of Any excess of cost over book value ls attrlbutable to land. undervalued $10,000, and to good During 2016 and 2017, Parent has appropriately accounted for its investment in Subsidiary using the simple equity method. On January 1, 2017 Parent held merchandise acquired from subsidiary for $10.000. Du ring 2017, Subsidiary sald merchandise to Parent for S100,000, af which $20,000 is held by Parent on December 31, 2017. Subsidiary's usual gross profit an affiliated sales is On December 31, 2017. Parent still owes Subsidiary $20,000 for merchandise acquired in De Required: Using the information in the paragraphs above and the trial balance informatio n in the worksheet below prepare journal entries only (DO NOT CoMPLET THE WORK SHEET) for eliminating current equity (E), determination and distribution DO, CY1, CY2, is, IA, BI, El. Please show all calculations for the most paints. Flgure 4-3 Account Titles inventory, Decembe 31 000,000 80,000 Other Current Assets 39,000 450,000 nvestment in Sub Company 880,000