Intercompany Transactions: A parent company purchased 100% of a subsidiary on 1/1/X1. The purchase price was $175,000 in excess of the subsidiarys book value of net assets on acquisition date and the excess was assigned entirely to an unrecorded patent. The life of the patent is 10 years. Assume the subsidiary sells inventory to the parent. The parent ultimately sells the inventory to outside customers. The following relates to the years X2 and X3: Inventory Sales GP of unsold inventory Receivable (Payable) X3 $103,300 $29,441 $41,320 X2 $87,900 $19,137 $27,986 The financial statements for the parent and subsidiary for the year ended 12/31/X3 are attached in the Excel spreadsheet.