December 31, 20X10.  Cookes realizes now that they missed providing you with information regarding two additional intercompany transactions.

1) Intercompany sale of inventory- 20X9 During 20X9, Ice cream sold inventory to Cookes that had an original cost of $20,000 and was sold to  Cookes for $45,000
By December 31, 20X9, Cookes still had on hand in inventory $15,000 of the amount purchased from Ice cream.    
This inventory at December 31, 20X9 was then sold by Cookes in 20X10.            

2) Intercompany sale of inventory - 20X10

During 20X10, Ice cream sold inventory to Cookes for a sales price equal to 70,000 which provides a gross margin to Ice cream of 25% At December 31, 20X10, Cookes still had 15% of this inventory still on hand.

 Prepare the elimination entries necessary for Cookes to consolidate Ice cream at December 31, 20X10 for the two additional intercompany transactions identified above.  

Beside each entry, show your calculations.  If possible, add your logic to demonstrate your understanding.  What are you adding/subtracting and why?  Understanding the logic behind the entries significantly helps to understand consolidation.