On January 1,2019 , Parent sold equipment to Sub for $35,000 cash. It had originally cost Parent $55,000 and had been depreciated for 4 years of its estimated 20 -year life, at the date of sale. Both companies pay income tax at the rate of 40%. Required: Prepare the 2019 working paper elimination journal entries for the inter-company sale of equipment on January 1, 2019