Equity Method and Eliminating Entries, Second Year On January 1, 2023, Playtel Inc. acquired all of the stock of San Jose Cable for $600 million in cash, At the date of acquisition, San Jose's shareholders' equity accounts were as follows (in thousands) Common stock, $1 par $12,000 Additional paid-in capital 72.000 0400) Retained deficit Treasury stock Total (1200) $80,400 Both companies have a December 31 year-end. At the date of acquisition, San Jose's reported net assets had book values approximating fair value. However, it had previously unreported indefinite de identifiable intangibles valued at $156 million, meeting ASC Topic 805 requirements for capitalization. Impairment losses in 2023 for identifiable intangibles were $1,200,000. Goodwill from this acquisition was not impaired in 2023. San Jose reported net income of $7.0 million in 2023, and paid no dividends. Playtel uses the complete equity method to report its investment in San Jose on its own books It is now December 31, 2024, two years since the acquisition. In 2024, San Jose reported net income of $6.0 million and declared and paid dividends of $960,000 impairment losses on the identifiable intangibles were $2.4 million, and goodwill was impaired by $1,440,000. Note: Provide all answers in thousands a. Calculate equity in net income of San Jose for 2024, reported on Playtes books 50 b. Calculate the December 31, 2024, investment balance, reported on Playte's books $0 c. Prepare eliminating entries (C) (t) (R) and (0 required to consolidate Playte's trial balance accounts with those of San Jose on December 31, 2024 Debit Credit