Jackson Inc. is a 85% owned subsidairy of Lucky corporation, which was acquired at book value several years ago. Separate compay income statements for 2014 is shown below: Jackson 6,000,000 Sales Gain on sale of machine Total Income Cost of goods sold Operating expenses Total expense Net income 6,000,000 (4.000.000) (800,000) (4,800,000) 1,200,000 Lucky 2,560,000 160,000 2,720,000 (1.600.000) (520,000) (2,120,000) 600,000 On January 1, 2014Lucky"subsidary" sold a machine for $360,000, the cost ofmachine was $280,000 and accumulated depreciation $80,000 and remaining useful life 10 years to Jackson "parent". Required: I Prepare journal entries prepared by "parent" during 2014 to account for its investment in Subsidiary( equity method). Prepare a consolidated income statement for 2013 and the elimination entires required a