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 equaty method in its internal records Khalid prepared the following consolidation entry without amounts in 2021 "G Investment in Subsidiary (60%) XXX Retained Earnings-Subsidiary (40%) Cost of Goods Sold XXX Required Do you agree with Khalid? > If you don't agree calculate the necessary amount and record the proper journal entry