Big Boy Company owns 70% of Sly Company. During year X1, Big Boy sold 1,000 units of inventory costing $10.000 to Big Boy for $15,.000, As of 12/31/X1, Big Boys inventory contained 6,000 of the units purchased from Sly. During year X1, Sly reported a $40,000 income Based on this information, how much income should Big Boy recognize from its investment in Sly in year X1? Essay Toolber navigation This question is a continuation of the preceding question. Recall that Big Boy Company owns 70% of Sly Company. During year XI, Big Boy sold 1,000 units of inventory costing $10,000 to Big Boy for $15.000. As of 12/31/X1, Big Boy's inventory contained 6,000 of the units purchased from Sly. During year X1, Sly reported a $40,000 income. Based on this information, prepare Big Boy's consolidation worksheet entries. You can assume that Big Boy purchased its 70% interest in Sly for $700,000 on 1/1/X1 when Sly's equity included $500,000 of capital stock and $500,000 of retained eanings.