Good will Investment in subsidiary Non controlling interest Bonds payable 4000,000 1,000,000 8 years 80,000 During of the first operation 2018 the subsidiary net income$ 303,200 declared and paid $120,000 as dividend. Green sold land $50,000 for $70,000 to Sand. Subsidiary sold equipment cost $120,000, accumulated depreciation 70,000 and five years remaining useful life for $60,000 to the parent in 31/12/2018. The ending inventory of parent include $100,000 goods purchased from subsidiary at 25% above cost. The following selected transaction occurred between both companies during 2019: 1- March 31, the subsidiary sold merchandise inventory to the parent with billed amount was 300,000 subsidiary gross profit rate for the sold merchandise is 25%. 2- September 30, the subsidiary sold merchandise inventory cost 160,000 to the parent; subsidiary gross profit rate for the sold merchandise is 25%. 3- December 31, the parent sold building cost $250,000 and accumulated depreciation$50,000 for $180,000decided to the subsidiary. 4- The subsidiary reporting net income for the year ended 31/12/2019 $416,600. 5. The subsidiary declared and paid $200,000 dividend. 6- The ending inventory in parent stores include $150,000 goods at billed price was purchased from the subsidiary. Required: 1- Prepare all the elimination entries in 31/12/2019 to consolidate the financial statements. 2- Calculate investment and the non- controlling interest in 31/12/2019. 3- Journalize the income and dividend under equity methods in parent's book.