Pops Corporation acquired 80 percent ownership of Sunny Corporation on January 1, 2013, for $176,000. The fair value of the noncontrolling interest was $44,000. At that date, Sunny reported common stock outstanding of $80,000 and retained earnings of S120,000. The differential assigned to equipment, had a fair value of $10,000 greater than book value and a remaining economic life of ten years at the date of the business combination. Goodwill, if any, has not suffered any impairment. Sonny reported net income of $50,000 and paid dividends of $10,000 in 2013. Required: a. Complete the journal entries recorded by Pops (parent company) during 2013 on its books if it accounts for its investment in Sunny (subsidiary) using the equity method. (PARTIALLY GIVEN) b. Give the eliminating entries needed at December 31, 2013, to prepare consolidated financial statements. a. Journal Entries on Parent's Books b.Worksheet Eliminating Entries 176,000 Investment in Sunny (purchase subsidiary) Investment in Sunny (share of subsidiary income) Cash 176,000 40,000 Income from Sunny 40,000 $50,000 x .75) Cash Investment in Sunny (dividends received from Subsidiary) Income from Sunny Investment in Sunny (amortization)