4 points Gold Company acquired 75% of Silver Company on January 1, 2020. On December 31, 2020 Silver has common stock of $250,000 and retained earnings of $600,000. Save Answer Intra-entity transfer of inventory during the years 2020 and 2021 include transfer price of $160,000 and $200,000, and cost of $120,000 and $140,000 respectively. Ending inventory was $32,000 in 2020 and $40,000 in 2021. Gold uses the equity method of accounting. Khalid was required to prepare consolidation entries "G' and 'S' for the year 2021 He prepared the following entry ONLY: 'S' Upstream transfer: Common stock-Subsidiary Retained Eamings-Subsidiary, 1/1/21 Investment in Subs Noncontrolling Interest-1/1/21 Required: 250,000 592,000 .631,500 210,500 m transfer and (i) an upstream transfer. 1. Prepare consolidation entry "G that should have been prepared before consolidation entry 'S' for the year 2021. 2. Prepare consolidation entries "G' and 'S' when the transfer is downstream. For the toolbar, press ALT-510/PCLOCAL THEN