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On January 1, 2020, Parent, Inc., issued securities with a total fair value of $569,000 for 100 percent of Subsidiary Corporation's outstanding ownership shares. Subsidiary has long supplied inventory to Parent. The companies expect to achieve synergies with production scheduling and product development with this combination. Although Subsidiary's book value at the acquisition date was $329,000, the fair value of its trademarks was assessed to be $64,000 more than their carrying amounts. Additionally, Subsidiary's patented technology was undervalued in its accounting records by $176,000. The trademarks were considered to have indefinite lives, and the estimated remaining life of the patented technology was eight years. In 2020, Subsidiary sold Parent inventory costing $95,000 for $190,000. As of December 31, 2020, Parent had resold 74 percent of this inventory. In 2021, Parent bought from Subsidiary $167,000 of inventory that had an original cost of $83,500. At the end of 2021, Parent held $45,100 (transfer price) of inventory acquired from Subsidiary, all from its 2021 purchases. During 2021, Parent sold Subsidiary a parcel of land for $104,900 and recorded a gain of $18,700 on the sale. Subsidiary still owes Parent $72,800 (current liability) related to the land sale. At the end of 2021, Parent and Subsidiary prepared the following statements for consolidation. a. Show how Parent computed its $57,550 equity in Subsidiary's earnings balance. Hint: Note the language in this question is different from the lectures: - "Beginning inventory gross profit recognized" means realized gain from the previous period; - "Ending inventory gross profit deferred" means unrealized gain because there are remaining inventory from the intra-entity sales; - "Deferral of land gain on sale": means unrealized gain due to intra-entity land sales. a. Show how Parent computed its $57,550 equity in Subsidiary's earnings balance. Hint: Note the language in this question is different from the lectures: - "Beginning inventory gross profit recognized" means realized gain from the previous period; - "Ending inventory gross profit deferred" means unrealized gain because there are remaining inventory from the intra-entity sales; - "Deferral of land gain on sale": means unrealized gain due to intra-entity land sales. Remember, unrealized gain is deferred to the future (through the [G] entry which increases COGS and hence effectively reduces the net income), and realized gains are recognized in this period (through the [G] entry which decreases COGS and hence increases the net income). that's why you see the language here is "deferring" and "recognizing". b. Prepare a 2021 consolidated worksheet for Parent and Subsidiary. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Show how Parent computed its $57,550 equity in Subsidiary's earnings balance. Note that you may not need all the rows. (Input all amounts as positive values.) Complete this question by entering your answers in the tabs below. Prepare a 2021 consolidated worksheet. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)