Data: Parent Company owns 70% of Sub Company's outstanding common stock. Intercompany sales are as follows: Year Invento Cost 20X1 $80,000 20X2 $110,000 Requirements: Transfer Price $100,000 $130,000 Invento Remainin at Year End at transfer rice $30,000 $26,000 Prepare all entries for the following requirements on the Excel worksheet associated with this assignment and submit by due date and time as noted above. Prepare EQUITY METHOD JOURNAL entries for each ofthe following scenarios (A-D) : A. Assume Parent sold the inventory to Sub. Using the fully adjusted equity method, what journal entry would be recorded by Parent to defer the unrealized gross profit on inventory sales to Sub in 20M? B. Assume Sub sold the inventory to Parent. Using the fully adjusted equity method, what journal entry would be recorded by Parent to defer the unrealized gross profit on inventory sales to Sub in 20M ? C. Assume Parent sold the inventory to Sub. Using the fully adjusted equity method, what journal entry would be recorded in 20X2 by Parent to recognize the realization of the 20X1 deferred intercompany profit and to defer the 20X2 unrealized gross profit on inventory sales to Sub? (Hint: net your two separate entries into one). D. Assume Sub sold the inventory to Parent. Using the fully adjusted equity method, what journal entry would be recorded in 20X2 by Parent to recognize the realization of the 20X1 deferred intercompany profit and to defer the 20X2 unrealized gross profit on inventory sales to Sub? (Hint: net your two separate entries into one). 2. USING SCENARIO (I.A) above (downstream sale): Prepare the consolidation entry recorded by Parent Company in 20X1 related to the 20X1 intercompany transfer. 3. USING SCENARIO (I.B.) above (upstream sale): Prepare the consolidation entry recorded by Parent Company in 20X1 related to the 20X1 intercompany transfer.