1)Prepare the journal entry for Parent company at December 31, 2020

2) Prepare all eliminating entries needed to prepare the consolidated worksheet for 2020

Parent company acquired 90% of Sonne on January 1, 2020 in exchanges forch The book value of Son's individual costs and liabilities approximated their acquisition de values. No goodwill is recorded on the date of acquisition, Son reported the following Current Liabilities $ 120,000 Inventory Plant Assets (net) Property Total Asses $ 350,000 100,000 320,000 500.000 $1.270.000 Common Stock Retained Earnings Total Liabilities & Equity 100.000 1.050.000 $1.270.000 During the year of 2020 Son Inc. reported $310,000 in net income and declared $15,000 in dividends. I'arent Company reported $520,000 in net income and declared $25,000 in dividends. Parent accounts for their investment using the equity method. Required: ) Prepare the journal entry for Parent Company at December 31, 2020. 319,050 0.92