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:

2019 2020

Park's sales to Stay $5,000 $6,000

Park's cost of sales to Stay 3,000 3,500

Unrealized profit at year-end 1,000 1,500

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.