PF Consolidated Inc. provided consulting services to its subsidiary, Sessions Athletic Gear, during 2020. PF Consolidated charged $5,000,000 of travel, salary, overhead and supplies costs to its administrative expenses account, and charged Sessions $8,000,000 for the services. By December 31, 2020, the end of PF's accounting year, Sessions has paid all but $100,000 of the balance due to PF. Sessions categorizes the services as administrative. Required a. What balances appear in the December 31, 2020, trial balances of PF and Sessions with respect to these intercompany services? What balances should appear on the consolidated financial statements? Use negative signs with answers to indicate a Credit (Cr) balance. Enter answers using all zeros (do not abbreviate answers to millions or thousands). PF Consolidated Inc. Dr (Cr) 0 Sessions Athletic Gear Dr (Cr) 0 Consolidated Balances Dr (Cr) 0 0 0 0 Accounts receivable Accounts payable Consulting revenue Administrative expenses 0 0 0 0 0 0 b. Prepare the working paper eliminating entries needed for these intercompany services at December 31, 2020. Enter answers using all zeros (do not abbreviate answers to millions or thousands). Description Debit Credit 0 0 0 0 To eliminate intercompany receivables/payables. 0 0 0 0 To eliminate intercompany revenues/expenses