Problem 6-1 Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to Peel Company at 20% above cost. During 2014 and 2015, such sales amounted to $467,200 and $508,300, respectively. At the end of each year, Peel Company had in its inventory one-fourth of the goods purchased from Seacore Company during that year. Peel Company reported $315,000 in net income from its independent operations in 2014 and 2015. Seacore Company reported net income of $125,600 in each year and did not declare any dividends in any year. There were no intercompany sales prior to 2014. Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare in general journal form all entries necessary on the consolidated financial statements workpaper to eliminate the effects of the intercompany sales for each of the years 2014 and 2015. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit 2014 Entry field with correct answer Sales Entry field with correct answer 467200 Entry field with correct answer Entry field with correct answer Purchases Entry field with correct answer Entry field with correct answer 467200 (To eliminate intercompany sales) Entry field with correct answer Inventory - Ending (Income Statement) Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Purchases Entry field with correct answer Entry field with incorrect answer (To eliminate unrealized intercompany profit in ending inventory) 2015 Entry field with correct answer Sales Entry field with correct answer 508300 Entry field with correct answer Entry field with correct answer Purchases Entry field with correct answer Entry field with correct answer 508300 (To eliminate intercompany sales) Entry field with correct answer Retained Earnings Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Noncontrolling Interest Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Inventory - Ending (Income Statement) Entry field with correct answer Entry field with incorrect answer (To recognize gross profit in beginning inventory realized in 2015) Entry field with correct answer Inventory - Ending (Income Statement) Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Purchases Entry field with correct answer Entry field with incorrect answer (To eliminate unrealized intercompany profit in ending inventory) Click if you would like to Show Work for this question: Open Show Work Attempts: 3 of 5 used SAVE FOR LATER SUBMIT ANSWER Expand question part (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Expand question part (c) The parts of this question must be completed in order. This part will be available when you complete the part above.