In each part, assume that in Year 1 Sub owns 1000 items that cost it $4 each. Assume Parent owns 100% of Sub a. If Sub sells 600 of the items to an unrelated party for $7 each during Year 1, what would be the entry to record the sale? b. Using the facts in part A, what would be the book value of the remaining inventory at the end of Year 1? C. Assume that Sub sells the other 400 units in Year 2 at $7 each. What is the year 2 entry to record the sale? d. Based on the above facts, what are Year 1 and Year 2 Sales, COGS, and gross profit? e. Now assume that, instead of selling 600 items to an unrelated party, Sub sold all 1,000 items (cost=54 each) to the parent for $5 each during Year 1. By the end of the year, the Parent had sold 600 items to an outside party for $7 each. In Year 2, Parent sold the remaining 400 units to outsiders for $7 each. i. What entry would the Sub make when it sold 600 units to Parent? (2) ii. What entry would Parent make when it bought 600 units from Sub? (2) iii. What entry would Parent make when it sold 600 units to outsiders for $7 each in Year 1