advanced mod question5

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.VIEW FILE ATTACHED BELOW