On January 1, 20x1, Parent Company acquired 100% of the common stock of Subsidiary Company for $750,000. On January 1, 20X2, Parent held merchandise acquired from Subsidiary for $10,000. During 20x2, Subsidiary sold merchandise to Parent for $100,000, of which $20,000 is held by Parent on December 31, 20x2. Subsidiary's usual gross profit on affiliated sales is 40%. On December 31, 20X2, Parent still owes Subsidiary $20,000 for merchandise acquired in December. On January 1, 20x2, Parent sold to Subsidiary some equipment with a cost of $50,000 and a book value of $20,000. The sales price was $40,000. Subsidiary is depreciating the equipment over a five-year life, assuming no salvage value and using the straight-line method. Required: Prepare the consolidation entries that would be made on the 20x2 consolidated worksheet as a result of: 1) the intercompany sale of inventory (8 points) 2) the intercompany sale of equipment (7 points) Earth tonih