A- Intel Inc. is a 70% owned subsidairy of Dell corporation, which was acquired at book value several years ago. Separate compayincome statements for 2015 is shown below. Dell Intel Sales 15,000,000 6,400,000 Gain on sale of machine 400,000 Total Income 15,000,000 6,800,000 Cost of goods sold (10,000,000 (4,000,000) Operating expenses (2,000,000) (1,300,000) (12,000,000) (5,300,000) Net income 3,000,000 1,500,000 On January 1, 2015 Intel sold a machine to Dell for $900,000, the cost of machine was $700,000 and accumulated depreciation $200,000 and remaining useful life 10 years. Total expense Required: 1. Record joumal entries prepared by the parent during 2015 2. Prepare a a working paper for consolidated income statement for 2015 and the elimination entires required