Given the Following Information for $2023$

Z owns $70\%$ of Y

Y net income for $2023$ is $$150,000$

Y declares dividends of $$10,000$ during $2023.$ 

Y has $20,000$ shares of $ $1$ par value per stock outstanding that issued for $$10$ per share.

Y beginning balance in Retained Earnings for $2023$ is $$50,000.$

Required: Prepare Basic Elimination Entry Using Equity Method.