22. On January 1, 2016 Parent Company purchased 80% of the common stock of Subsidiary Comp any for $316,000 on respectivel ubsidiary had common stock, other paid-in capital, and retained earnings of $40,000, S120,000, and $190,000, ly. Net income and dividends for 2 years for Subsidiary Company were as follows: 2016 $50,000 10,000 2017 $90,000 20,000 Net income Dividends ntory and building. Inventory, On January 1, 2016, the only tangible assets of Subsidiary that were undervalued were inve for which FIFO is used, was worth $5,000 more than cost. The inventory was sold in 2016. Building, which was worth $15,000 more than book value, has a remaining life of 8 years, and straight-line depreciation is used. Anyr excess is goodwill. Prepare all necessary elimination entries for the consolidating worksheet of December 31,2016. Assume Parent uses the simple equity method of accounting for its investment in Subsidiary