Problem 6-1 Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to Peel Company at 20% above cost. During 2014 and 2015, such sales amounted to $421,600 and $484,600, respectively. At the end of each year, Peel Company had in its inventory one-fourth of the goods purchased from Seacore Company during that year. Peel Company reported $291,800 in net income from its independent operations in 2014 and 2015. Seacore Company reported net income of $121,400 in each year and did not declare any dividends in any year. There were no intercompany sales prior to 2014. (a) Your answer is correct. Prepare in general journal form all entries necessary on the consolidated financial statements workpaper to eliminate the effects of the intercompany sales for each of the years 2014 and 2015. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit 2014 Sales 421600 421600 Purchases (To eliminate intercompany sales) Inventory - Ending (Incom 17567 17567 Inventory (Balance She (To eliminate unrealized intercompany profit in ending inventory)