Prepare journal entries that support your statements, that is all that I need please!!! I do not need the balance sheet or financial statements just the journal entries for what is below. We are assuming assuming that the acquisition is not attempted. There are 14 journal entries, please help with only the journal entries. I have completed everything else Franklin has asked you to use the assumptions below to project Parent's 20X1 financial statements: Sales will increase by 10% in 20X1. All sales will be on account. Accounts receivable will be 5% lower on December 31, 20X1, than on December 31, 20X0. Cost of goods sold will increase by 9% in 20X1. All purchases of merchandise will be on account. Accounts payable is expected to be $50,500 on December 31, 20X1. Inventory will be 3% higher on December 31, 20X1 than on December 31, 20X0. Straight-line depreciation is used for all fixed assets. No fixed assets will be disposed of during 20X1. The annual depreciation on existing assets is $40,000 per year. Equipment will be purchased on January 1, 20X1, for $48,000 cash. The equipment will have an estimated life of 10 years, with no salvage value. Operating expenses, other than depreciation, will increase by 14% in 20X1. All operating expenses, other than depreciation, will be paid in cash. Parent's income tax rate is 40%, and taxes are paid in cash in four equal payments. Payments will be made on the 15th of April, June, September, and December. For simplicity, assume taxable income equals financial reporting income before taxes. Parent will continue the $2.50 per share annual cash dividend on its common stock. If the tender offer is successful, Parent will finance the acquisition by issuing $170,000 of 6% nonconvertible bonds at par on January 1, 20X1. The bonds would first pay interest on July 1, 20X1 and would pay interest semi annually thereafter each January 1 and July 1 until maturity on January 1, 20Y1.(Note: This is a 10-year bond) This business combination will be recorded using acquisition method and Parent will account for the investment using the equity method. Although most of the legal work related to the acquisition will be handled by Parent's staff attorney, direct costs to prepare and process the tender offer will total $2,000 and will be paid in cash by Parent in 20X1. As of January 1, 20X1, all of Subsidiary's assets and liabilities are fairly valued except for machinery with a book value of $8,000, an estimated fair value of $9,500, and a 5-year remaining useful life. Assume that straight line depreciation is used to amortize any revaluation increment. No transactions between these companies occurred prior to 20X1. Regardless of whether they combine, Parent plans to buy $50,000 of merchandise from Subsidiary in 20X1 and will have $3,600 of these purchases remaining in inventory on December 31, 20X1. In addition, Subsidiary is expected to buy $2,400 of merchandise from Parent in 20X1 and to have $495 of these purchases in inventory on December 31, 20X1. Parent and Subsidiary price their products to yield a 65% and 80% markup on cost, respectively.