On Jamuary 1,2020, Parent Company acquired 100% of the common stock of Subsidiary Company for $1,000,000. On this date Subsidiary had total owners' equity of $750,000. Anv excess of cost over book value is attributable to land, undervalued $50,000, and to goodwill. During 2020 and 2021, Parent has appropriately accounted for its investment in Subsidiary using the simple equity method. On January 1,2021, Parent held merchandise acquired from Subsidiary for $15,000. During 2021, Subsidiary sold merchandise to Parent for $150,000, of which $25,000 is held by Parent on December 31 . 2021. Subsidiary's usual gross profit on affiliated sales is 40%. On December 31, 2021, Parent still owes Subsidiary $10,000 for merchandise acquired in December On January 1,2021, Parent sold to Subsidiary some equipment with a cost of $0,000 and a book value of $30,000. The sales price was $50,000. Subsidiary is depreciating the equipment over a five-year life, assuming so salvage value and using the straight-line method. Required: Prepare the worksheet eliminations (journal eniry form) that would be made on the 2021 consolidated worksheet as a result of: 1) the intercompany sale of inventory