On January 1, 2016, Parson Corporation sold equipment to its 70-percent owned subsidiary, Settle Company, for $630,000. The equipment originally was purchased at the beginning of 2013 for $850,000. Settle continued to depreciate the equipment on a straight-line basis over its remaining 7-year life. The equipment's residual value is considered to be zero. Required: a. Provide the workpaper entries related to the sale of the equipment for 2016 and 2017. 2016Equip220,000Gain 35,000Accu. Depr.255,000Accu. Depr. 5,000Dep Exp 5,000*Inv. in S 30,000 Income to S 30,0002017Equip220,000Inv in S 30,000Accu. Depr.250,000Accu. Depr. 5,000Dep Exp 5,000*Income to S 5,000 Inv. in S 5,000b. Provide the 2017 workpaper entries for this transaction assuming Settle sold the equipment to Parson instead of the original scenario.2) If S--> P2017Equip220,000Inv in S 21,000NCI 9,000Accu. Depr.250,000Accu. Depr. 5,000Dep Exp 5,000*Income to S 3,500 Inv. in S 3,500Income to NCI 1,500 NCI in NA 1,500