On Pericles Corporation sells machinery to its $80\%-$owned subsidiary, Sophocles Corporation, on $12/31/20$X$4.$ The machinery has a book value of $$60,000$ on this date $($cost $$120,000$ and accumulated depreciation $$60,000),$ and it is sold to Sophocles for $$90,000.$ Thus, this transaction produces anunrealized gain of $$30,000.$ Assume that Pericles adjusts its equity method accounts accordingly.Note: Transfer is on last day of the year.Required: $1.$ What journal entry would Pericles make on its books to adjust for the unrealized gain from thistransaction?$2.$ What worksheet entry would Pericles make to consolidate on this date?