Question one: (30 marks) The following is the elimination entry on the date of acquisition's Green group a controlling interest in Sand Company at 31/12/2017, both used straight line method for depreciation and amortization. Ordinary shares Premium Retained earning inventories 2,000,000 1,200,000 800,000 40,000 Equipments land Factory Good will Investment in subsidiary Non controlling interest Bonds payable 160,000 10 years 100,000 280,000 50 years 4000,000 1,000,000 8 years 80,000 During of the first operation 2018 the subsidiary net income$ 303,200 declared and paid $120,000 as dividend. Green sold land $50,000 for $70,000 to Sand. Subsidiary sold equipment cost $120,000, accumulated depreciation 70,000 and five years remaining useful life for $60,000 to the parent in 31/12/2018. The ending inventory of parent include $100,000 goods purchased from subsidiary at 25% above cost. The following selected transaction occurred between both companies during 2019: 1- March 31, the subsidiary sold merchandise inventory to the parent with billed amount was 300,000 subsidiary gross profit rate for the sold merchandise is 25%. 2- September 30, the subsidiary sold merchandise inventory cost 160,000 to the parent; subsidiary gross profit rate for the sold merchandise is 25%. 3- December 31, the parent sold building cost $250,000 and accumulated depreciation$50,000 for $180,000decided to the subsidiary. 4- The subsidiary reporting net income for the year ended 31/12/2019 $416,600. 5- The subsidiary declared and paid $200,000 dividend.