A 70% owned subsidiary transferred inventory to its Parent in 2022. The transfer price was $720,000 and the goods cost $540,000. By the end of the year inventory on hand is valued at $144,000 transfer price. Parent company uses the equity method in its internal records. The following consolidation entry was prepared without amounts in 2023 : * G Investment in Subsidiary (70\%) Retained Earnings-Subsidiary (30\%) xxx Cost of Goods Sold xxx Required: 1. Do you agree with the prepared consolidation entry? If you don't agree, write the reason. point 2. If you don't agree calculate the necessary, amount(s) and record the proper consolidated entry. A 70% owned subsidiary transferred inventory to its Parent in 2022. The transfer price was $720,000 and the goods cost $540,000. By the end of the year inventory on hand is valued at $144,000 transfer price. Parent company uses the equity method in its internal records. The following consolidation entry was prepared without amounts in 2023 : * G Investment in Subsidiary (70\%) Retained Earnings-Subsidiary (30\%) xxx Cost of Goods Sold xxx Required: 1. Do you agree with the prepared consolidation entry? If you don't agree, write the reason. point 2. If you don't agree calculate the necessary, amount(s) and record the proper consolidated entry