$2-$LY acquired $60\%$ of KS$\text{'}$s voting common stock on Jan $1,2023,$ for $$120,000.$ At the time of the combination, KS reported common stock outstanding of $$100,000$ and retained earnings of $$80,000.$ The book value of KS$\text{'}$s net assets approximated market value except for furniture that had a market value $$15,000$ more than its book value. KS reported net income of $$60,000$ and paid dividends of $$30,000$ during $2023.$Required $(10$P$)1-$Give the journal entries recorded by LY during $2023$ on its books if it accounts for its investment inKS using the equity method$\mathrm{.}2-$Give the eliminating entries needed at Dec $31,2023,$ to prepare consolidated financial statement.