Question 3 (30 points) Plastic Wholesale Company acquired 80% shares of common stock of Solid Company on December 31, 2020. During 2021, Plastic Company purchased 15,000 units of inventory from suppliers at 12 each for cash and sold 8,500 units of them to Solid for 16 each for cash. Solid sold 5,000 units of these units to others for 21 each for cash. Both companies use perpetual inventory system. Required a) Give the journal entries Plastic Company recorded for the purchase of inventory and resale to Solid Company in 2021. (6 points) b) Give the journal entries Solid Company recorded for the purchase of inventory and resale to others in 2021. (6 points) c) What amount of cost of goods sold must be reported in the consolidated income statement for 2021? (5 points) d) Prepare the elimination entry needed to remove the effect of the intercompany transactions. (9 points) e) Prepare equity method adjustment entry done by Plastic Company for the inventory transfer. (4 points)