Parent owns 100% of Subsidiary voting stock. Their 2020 separate income statements before any equity method or consolidation entries are below. On December 31, 2020, P sold inventory that cost $170,000 to S for $260,000. At year-end, S still held 30% of the inventory, and sold this portion in 2021. Parent Subsidiary Sales Revenue $3,900,000 $682,500 Cost of Goods Sold 1,600,000 380,000 Gross Profit 2,300,000 302,500 Operating Expenses 800.000 160,000 Net Income $1,500,000 $142.500 I 1. Prepare the journal entry(s) that each company makes to record the inventory sale. 2. Prepare any equity method entry(s) needed on either company's books in 2020. 3. Prepare any consolidation entries in 2020 related to the inventory sale. Be sure to indicate the CEADI code 4. Prepare any consolidation entries in 2021 related to the inventory sale. 5. For 2020, prepare a consolidated income statement below the journal entries