The following data applies to Questions 5-8: Hunter Company and Moss Company both produce and purchase fabric for resale each period and frequently sell to each other. Since Hunter Company holds 80% ownership of Moss Company, Hunter's controller compiled the following information with regard to intercompany transactions between the two companies in 207 and 20X8. Must show computations wherever applicable; otherwise, no credit will be given. Required: Give the consolidation elimination entries required at 12/31/208 to eliminate the effects of the inventory transfers in preparing a full set of consolidated financial statements. 5. Reversal of gross profit deferral on the 207 Downstream transfer: (15%) Dr. COMPUTATION: Cr. 6. Reversal of gross profit deferral on the 207 Upstream transfer: (15%) Dr. COMPUTATION: Cr. 7. Eliminate effects of the 208 Downstream transfer: (15%) Dr. IOMPUTATION: Cr. 8.Eliminate effect of the 208 Upstream transfer: (15%) Dr. COMPUTATION