B- Park Corporation paid $24,800 for an 80% interest in Stay Corporation on January 1, 2019, at which time Stay's stockholders' equity consisted of $15,000 of Common Stock and $6,000 of Retained Earnings. The fair values of Stay Corporation's assets and liabilities were identical to recorded book values when Park acquired its 80% interest. Stay Corporation reported net income of $4,000 and paid dividends of $2,000 during 2019. Park Corporation sold inventory items to Stay during 2019 and 2020 as follows: 20192020 Park's sales to Stay$5,000$6,000 Park's cost of sales to Stay3,0003,500 Unrealized profit at year-end 1,0001,500 At December 31, 2020, the accounts payable of Stay include $1,500 owed to Park for inventory purchases. Required: 1) Prepare all elimination entries in 2020 (Including the entries not affecting the consolidated Income statement). Show all your calculations. B326 FTHE V. II Page 4 of 6 Summer 2020-2021