On January 1, 2016, Pal Company purchased 15% of the ordinary share of Sandra Company paid 75,000.On this date, Subsidiary had total owners' equity of $400,000 consisting of $200,000 ordinary share at par$1, $80,000 premium, and $120,000 in retained earnings. In that date the equipment overstated 100,000 for 10 years and patent 10,000 for 5 years unrecognized in the book. In 31/12/2016Sandra company declared and paid 50000 cash dividend when its income for the year 120,000 and market share price was $3. Required: Journalize parent entries through 2016 and elimination entry if the company using cost method and fair market value method? On January 1, 2016, Pal Company purchased 15% of the ordinary share of Sandra Company paid 75,000.On this date, Subsidiary had total owners' equity of $400,000 consisting of $200,000 ordinary share at par$1, $80,000 premium, and $120,000 in retained earnings. In that date the equipment overstated 100,000 for 10 years and patent 10,000 for 5 years unrecognized in the book. In 31/12/2016Sandra company declared and paid 50000 cash dividend when its income for the year 120,000 and market share price was $3. Required: Journalize parent entries through 2016 and elimination entry if the company using cost method and fair market value method