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On January 1, 2020, Parent Company acquired 70 percent of the outstanding voting stock of Subsidiary, Inc., for a total of $1,435,000 in cash and other consideration. At the acquisition date, Subsidiary had common stock of $920,000, retained earnings of $470,000. The fair value of noncontrolling interest is $615,000. Parent attributed all excess of fair value over Subsidiary's book value to various covenants (Note: Covenants are intangible assets) with a 20-year remaining life. Parent uses the equity method to account for its investment in Subsidiary. During the next two years, Subsidiary reported the following: Parent sells inventory to Subsidiary using a 60 percent markup on cost. At the end of 2020 and 2021,30 percent of the current year purchases remain in Subsidiary's inventory. a. Compute the equity method balance in Parent's Investment in Subsidiary, Inc., account as of December 31,2021. b. Prepare the worksheet adjustments for the December 31, 2021, consolidation of Parent and Subsidiary. Hint: When you calculate the intra-entity gains that are to be deferred, notice that in this question the markup \% is based on cost, not on sales. Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the equity method balance of Investment in Subsidiary as of December 31, 2021. (Please choose "Investment in Subsidiary" from the drop down list to fill the first cell). Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the worksheet adjustments for the December 31, 2021 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)