Clancy Incorporated, sold $210,000 of its inventory to Reid Company during 2020 for $350,000. Reid sold $192,500 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assume Clancy owns 30% of Reid and applies the equity method. a. What journal entry will be recorded at the end of 2020 to defer the unrealized intra-entity profits? b. What journal entry will be recorded in 2021 to realize the intra-entity profit that was deferred in 2020?