Can you please help with this, i cannot get it for some reason.
Facts: Sub Co is a 90% owned Subsidiary of Parent Co, acquired for $94,500 cash on July 1, 2017, when Sub's net assets consisted of $100,000 capital stock and $5,000 retained earnings. The cost of Parent Co's 90% interest in Sun was equal to book value and fair value of the interest acquired. Parent Co sells inventory items to Sub Co on a regular basis, and the intercompany transaction data for 2020 are as follows: Sales to Sub Co in 2020 (cost $15,000), selling price $20,000 Unrealized prot in Sub Co's inventory at December 31, 2019 (inventOry was sold during 2020) 2,000 Unrealized prot in Sub Co's inventory at December 31, 2020 2,500 Sub Co's accounts payable to Parent Co at December 31, 2020 10,000 At December 31, 2019, Parent Co's investment in subsidiary account had a balance of $128,500. This balance consisted of Parent Co's 90% equity in Sub's $145,000 net assets on that date less $2,000 unrealized prot in Sub's December 31, 2019 inventdry. During 2020 Parent Co made the following entries in its records for its investment in Sub: 0000 _ _ 9.000 To record dividends from Sub Co ($10,000 * 90%) m Income from subsidiary m To record income from Sub Co for 2020 as foiiows: Equity in Sub Co's net income ($30,000 * 90%) $27,000 Add: 2019 inventory prot recognized in 2020 2,000 Less: 2020 inventory prot deferred at year-end {2,5002 Totai 520.500 The 2019 intercompany sales that led to the unrealized inventory prots were recognize in 2020 and the full amount of the unrealized inventory prot originating in 2020 is deferred at December 31, 2020. Parent Co's investment in Sub Co increased from $128,500 at January 1, 2020 to $146,000 at December 31, 2020, the entire change consisting of $26,500 Income less $9,000 dividends for the year. Rnaufrad: Uslnci the Excel le \"Case 1 - Advanced accounting toolcs" and the worksheet 1, 2020 to $146,000 at December 31, 2020, the entire change consisting of $26,500 income less $9,000 dividends for the year. Required: Using the Excel file "Case 1 - Advanced accounting topics" and the worksheet "Intercompany," prepare and show the required adjusting and eliminating journal entries (in journal entry form) and complete the worksheet, posting the journal entries to the worksheet and completing the Consolidated column with the totals.2 Separate Company Financial Adjustments and 1 4 w Statements Eliminations Parent Subsidiary OR CR Consolidated 5 Income Statement 6 Net sales 1.000,000 300,000 7 Income from subsidiary 26.500 8 Total revenue 1,026.500 300,000 9 Expenses 10 Cost of goods sold 550,000 200,000 11 Other expenses 350.000 70.000 12 Total expenses 900,000 270.000 13 Consolidated net income 126.500 30,000 14 Noncontrolling interest share 15 Controlling share of net income 126.500 30.000 16 Statement of Retained Earnings 17 Beginning retained earnings 134,000 45,000 18 Net income 126,500 80,000 19 Dividends (50,000) (10.000) 20 Ending retained earnings 270.500 65,000 21 Balance Sheet 22 Assets 23 Cash 30,000 5,000 24 Accounts receivable, net 70,000 20,000 25 Inventory 30,000 45,000 26 Other current assets 64.000 10.000 27 Total current assets 254,000 80,000 28 Plant and equipment, net 800,000 120,000 29 Investment in subsidiary 146.000 0 30 Total assets 1.200.000 200 000 32 Accounts payable 80,000 15,000 33 Other liabilities 49.500 20.000 4 Total current liabilities 129,500 35,000 35 Common stock 300,000 100,000 36 Retained earnings 270,500 65,000 37 Noncontrolling interest 38 Total stockholders' equity 1.070,500 165.000 39 Total lieb & stockholders' eq 1.200 000 200 000 40 41 JOURNAL ENTRIES CF 42 43 44 45 Consolidation Intercompany Foreign Currency +
