On January 1, 2014, the parent sold new equipment for which it paid $600,000 to the subsidiary for $1,000,000.

On January 1, 2014, the parent sold new equipment for which it paid $600,000 to the subsidiary for $1,000,000. Since the equipment was new, the parent had not recorded any depreciation on its books prior to selling the equipment. The plant assets had a remaining life of 10 years at that time, straight-line. The subsidiary still has the equipment at year-end. Prepare eliminating entries TA and ED?You may record your response as follows:Entry TA:Debit Account name $$$Credit Account name $$$Entry ED: Debit Account name $$$Credit Account name $$$