Spreadsheet (linked at the bottom of the page), perform the accounting required for the elimination of each independent intercompany transaction: Prepare the book calculations Perform the required journal entries Requirements: Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable. 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. Review the grading rubric, which can be accessed from the Course Informationpage, to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment. 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 Assets, Liabilities & Equities Book Value Cash $1,500,000 AR $10,000 Inventory $200,000 Land $640,000 Equipment $400,000 Accumulated Depreciation -$150,000 Patent $0 Total Assets $2,600,000 AP $100,000 Common Stock $450,000 Additional Paid In Capital $600,000 Retained Earnings $1,450,000 Total Liabilities & Equity $2,600,000 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 Sale By Parent Account DR CR Acquisition by Sub Account DR CR Elimination Entries by Parent Account DR CR
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