2. Alex, Inc. owns 40 percent of Steinbart Company and uses the equity method to account for this investment. Steinbart immediately begins supplying inventory to Alex as follows: Year Cost to Steinbart Transfer Price Amount Held by Alex at Year-End (at transfer price) 2020 $70,000 $100,000 $25,000 2021 96,000 150,000 45,000 Inventory held at the end of one year by Alex is sold at the beginning of the next. Prepare Alex's journal entry to defer intra-entity gross profit in a) 2020, and b) 2021. 20.02