6. For intercompany sales of inventories, the II consolidation entries [Lsales and Lcogs] are as follows: Describe the effect of these two entries on the consolidated financial statements 7. What is the purpose of the following entry that is made each period subsequent to an intercompany sale of land until the period in which the land is resold outside of the consolidated group? Land.. .. xxX 8. What is the purpose of the following entry relating to intercompany sales of depreciable assets in the period of sale? Equipment . . . .XXx