We discussed throughout Chapter 4 and 5 class materials the importance of understanding between what journal entries are recorded in the actual book of Parent and/or Subsidiary, and what journal entries are recorded only in the consolidation process (eliminating entries). Particularly when it comes to intercompany profit or loss to be deferred, DESCRIBE (1) WHAT journal entry (or entries) is (are) required, if any, to be recorded in the PARENT's BOOK to defer intercompany profit or loss, and (2) WHY the parent need (or need not) to record such entry (entries).