Assume that Parent Company decides to sell Equipment (Cost = $10,000, Accumlated Depreciation = $1,000) to Sub for $20,00

Assume that Parent Company decides to sell Equipment (Cost = $10,000, Accumlated Depreciation = $1,000) to Sub for $20,000 cash. Show the sale and the subsequent elimination entries by Parent Company Parent Company Balance Sheet Sale by Parent Assets, Liabilities & Equities Book Value Account DR CR Cash $1,500,000 AR $10,000 Inventory $200,000 Land $640,000 Equipment $400,000 Accumulated Depreciation -$150,000 Acquisition by Sub Patent $0 Account DR CR Total Assets $2,600,000 AP $100,000 Common Stock $450,000 Additional Paid In Capital $600,000 Retained Earnings $1,450,000 Elimination Entries by Parent Total Liabilities & Equity $2,600,000 Account DR CR Sub Company Balance Sheet Assets, Liabilities & Equities Book Value Cash $35,000 AR $10,000 Inventory $65,000 Land $40,000 PP&E $400,000 Accumulated Depreciation -$150,000 Patent $0 Total Assets $400,000 AP $100,000 Common Stock $100,000 Additional Paid In Capital $50,000 Retained Earnings $150,000 Total Liabilities & Equity $400,000 Assume that book Value = Fair Value Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.