Question 6 Gold Company acquired 75% of Silver Company on January 1, 2020. On December 31, 2020 Silver has common stock of $250,000 and retained earnings of $600,000. Intra-entity transfer of inventory during the years 2020 and 2021 include transfer price of $160,000 and $200,000, and cost of $120,000 and $140,000 respectively. Ending inventory was $32,000 in 2020 and $40,000 in 2021. Gold uses the equity method of accounting Khalid was required to prepare consolidation entries "G" and 'S' for the year 2021 under a (i) downstream transfer and (i) an upstream transfer He prepared the following entry ONLY: 'S' Downstream transfer: Common stock-Subsidiary 250,000 Retained Earnings-Subsidiary, 1/1/21 600,000 Noncontrolling Interest-1/1/21 637,500 212,500 Investment in Subs Required: 1. Prepare consolidation entry "G that Khalid should have prepared before consolidation entry S for the year 2021 under a downstream transfer. 2. Prepare consolidation entries "G' and 'S' when the transfer is upstream For the toolbar, press ALT+F10 (PC) or ALT-FN+F10 (Mac Paragraph Arial 10pt E 2