9. Parent Company acquired 90% of Son Inc. on January 1, 2016 in exchange for cash. The book value of Son's individual assets and liabilities approximated their acquisition-date fair values. No goodwill is recorded. On the date of acquisition, Son reported the following: Current Liabilities $ 120,000 Cash 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 2016 Son Inc. reported $310,000 in net income and declared $15,000 in dividends. Parent Company reported $520,000 in net income and declared $25,000 in dividends. Parent accounts for their investment using the equity method. Required: 1) Prepare the journal entry for Parent Company at December 31, 2016. 2) Prepare all eliminating entries need to prepare the consolidated worksheet for 2016