Parent company transferred inventory to its 60% owned subsidiary in 2020. The transfer price was $240,000 and the goods cost $180,000. By the end of the year inventory on hand are valued at $48,000 transfer price. Parent company uses the equity method in its internal records. Khalid prepared the following consolidation entry *G without amounts in 2021: XXX *G Investment in Subsidiary (60%)..... Retained Earnings-Subsidiary (40%) Cost of Goods Sold XXX XXXX Required: 1. Do you agree with Khalid? 2. If you don't agree calculate the necessary amount and record the proper journal entry