I need assistance with doing the consolidation entries

Assume a parent company acquired its subsidiary on January 1, 2014, at a purchase price that was $308,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $168,000 was assigned to a Royalty Agreement, and the remainder of $140,000 to an unrecorded Customer List owned by the subsidiary. Both the Royalty Agreement and the Customer List are being amortized over a 7-year period. Depreciation and amortization are computed on a straight-line basis with no salvage value. In January 2016, the wholly owned subsidiary sold Equipment to the parent for a cash price of $200,000. The subsidiary had acquired the equipment at a cost of $384,000 and depreciated the equip- ment over its 10-year useful life using the straight-line method (no salvage value). The subsidiary had depreciated the equipment for 6 years at the time of sale. The parent retained the depreciation policy of the subsidiary and depreciated the equipment over its remaining 4-year useful life. Following are financial statements of the parent and its subsidiary for the year ended December 31, 2019. The parent uses the equity method to account for its Equity Investment. The Customer List and Royalty Agreement assets were amortized as part of the parent's equity method accounting. Parent Parent Subsidiary Income statement: Sales. ... Cost of goods sold Gross profit... Income (loss) from subsidiary. Operating expenses... Net income...... Statement of retained earnings: Beginning retained earnings. Net Income.. Dividends Ending retained earnings.. $2,640,000 (1,920,000) 720,000 68,400 (408,400) $ 380,000 Subsidiary Balance sheet: $704,000 Assets (420,800) Cash 283,200 Accounts receivable Inventory... PPE, net...... (182,400) Equity investment. $100,800 Liabilities and stockholders' equity $312,800 Accounts payable 100,800 Other current liabilities (13,600) Long-term liabilities. $400,000 Common stock APIC. Retained earnings $ 224,800 472,800 702,400 2,600,000 800,000 $4,800,000 $ 194,400 300,800 384,800 720,000 0 $1,600,000 $1,460,000 380,000 (80,000) $1,760,000 $ 272,800 321,600 1,200,000 148,000 1,097,600 1,760,000 $4,800,000 $ 120,000 160,000 564,000 88,000 268,000 400,000 $1,600,000 Consolidation Entries Dr Parent Subsidiary Cr Consolidated Income Statement: Sales Cost of goods sold Gross profit Equity income Operating expenses Net income 2,640,000 (1,920,000) 720,000 68,400 (408,400) 380,000 704,000 (420,800) 283,200 0 (182,400) 100,800 3,344,000 (2,340,800) 1,003,200 68,400 (590,800) 480,800 Statement of Retained Earnings: BOY retained earnings Net income Dividends EOY retained earnings 1,460,000 380,000 (80,000) 1,760,000 312,800 100,800 (13,600) 400,000 1,772,800 480,800 (93,600) 2,160,000 Balance Sheet: Assets Cash Accounts receivable Inventory PPE, net 224,800 472,800 702,400 2,600,000 194,400 300,800 384,800 720,000 419,200 773,600 1,087,200 3,320,000 0 Royalty Agreement Customer List Equity investment 0 800,000 0 800,000 4,800,000 1,600,000 6,400,000 Liabilities & stockholders' equity Accounts payable Other current liabilities Long-term liabilities Common stock APIC Retained earnings 272,800 321,600 1,200,000 148,000 1,097,600 1,760,000 4,800,000 120,000 160,000 564,000 88,000 268,000 400,000 1,600,000 392,800 481,600 1,764,000 236,000 1,365,600 2,160,000 6,400,000 0 0 Assume a parent company acquired its subsidiary on January 1, 2014, at a purchase price that was $308,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $168,000 was assigned to a Royalty Agreement, and the remainder of $140,000 to an unrecorded Customer List owned by the subsidiary. Both the Royalty Agreement and the Customer List are being amortized over a 7-year period. Depreciation and amortization are computed on a straight-line basis with no salvage value. In January 2016, the wholly owned subsidiary sold Equipment to the parent for a cash price of $200,000. The subsidiary had acquired the equipment at a cost of $384,000 and depreciated the equip- ment over its 10-year useful life using the straight-line method (no salvage value). The subsidiary had depreciated the equipment for 6 years at the time of sale. The parent retained the depreciation policy of the subsidiary and depreciated the equipment over its remaining 4-year useful life. Following are financial statements of the parent and its subsidiary for the year ended December 31, 2019. The parent uses the equity method to account for its Equity Investment. The Customer List and Royalty Agreement assets were amortized as part of the parent's equity method accounting. Parent Parent Subsidiary Income statement: Sales. ... Cost of goods sold Gross profit... Income (loss) from subsidiary. Operating expenses... Net income...... Statement of retained earnings: Beginning retained earnings. Net Income.. Dividends Ending retained earnings.. $2,640,000 (1,920,000) 720,000 68,400 (408,400) $ 380,000 Subsidiary Balance sheet: $704,000 Assets (420,800) Cash 283,200 Accounts receivable Inventory... PPE, net...... (182,400) Equity investment. $100,800 Liabilities and stockholders' equity $312,800 Accounts payable 100,800 Other current liabilities (13,600) Long-term liabilities. $400,000 Common stock APIC. Retained earnings $ 224,800 472,800 702,400 2,600,000 800,000 $4,800,000 $ 194,400 300,800 384,800 720,000 0 $1,600,000 $1,460,000 380,000 (80,000) $1,760,000 $ 272,800 321,600 1,200,000 148,000 1,097,600 1,760,000 $4,800,000 $ 120,000 160,000 564,000 88,000 268,000 400,000 $1,600,000 Consolidation Entries Dr Parent Subsidiary Cr Consolidated Income Statement: Sales Cost of goods sold Gross profit Equity income Operating expenses Net income 2,640,000 (1,920,000) 720,000 68,400 (408,400) 380,000 704,000 (420,800) 283,200 0 (182,400) 100,800 3,344,000 (2,340,800) 1,003,200 68,400 (590,800) 480,800 Statement of Retained Earnings: BOY retained earnings Net income Dividends EOY retained earnings 1,460,000 380,000 (80,000) 1,760,000 312,800 100,800 (13,600) 400,000 1,772,800 480,800 (93,600) 2,160,000 Balance Sheet: Assets Cash Accounts receivable Inventory PPE, net 224,800 472,800 702,400 2,600,000 194,400 300,800 384,800 720,000 419,200 773,600 1,087,200 3,320,000 0 Royalty Agreement Customer List Equity investment 0 800,000 0 800,000 4,800,000 1,600,000 6,400,000 Liabilities & stockholders' equity Accounts payable Other current liabilities Long-term liabilities Common stock APIC Retained earnings 272,800 321,600 1,200,000 148,000 1,097,600 1,760,000 4,800,000 120,000 160,000 564,000 88,000 268,000 400,000 1,600,000 392,800 481,600 1,764,000 236,000 1,365,600 2,160,000 6,400,000 0 0