III. Intercompany Transactions (30 Points) A parent and its 80% owned subsidiary engage in intercompany merchandise transactions. Information on these transactions for 2022 is as follows: - Total sales from the parent to the subsidiary were $400,000. - The subsidiary's beginning inventory contained $75,000 in merchandise purchased from the parent. This merchandise cost the parent $55,000. - The subsidiary's ending inventory contained $87,000 in merchandise purchased from the parent. This merchandise cost the parent $59,000. The following information relates to equipment sale between the parent and its subsidiary. - At the beginning of 2021, the subsidiary sold equipment with a 10 -year remaining life, a cost of $150,000, and an accumulated depreciation of $50,000 to the parent for $110,000. The parent still holds the equipment at the end of 2022. REQUIRED: Prepare the working paper eliminating entries for the intercompany transactions required to consolidate the trial balances of the parent and its subsidiary for the year 2022