Good day, I just need help with the elimination and adjusting entries. (journals)

The December 31, 2012, trial balances of Pettie Corporation and its 90%-owned subsidiary Sunco Corporation are as follows: Sunco Pettie Corporation Corporation

Cash................................................................................................................................................. 15,000 45,500

Accounts and Other Current Receivables...................................................................................... 410,900 170,000

Inventory ........................................................................................................................................ 920,000 739,400

Property, Plant, and Equipment (net)............................................................................................ 1,000,000 400,000

Investment in Sunco Corporation ................................................................................................. 1,260,000

Accounts Payable and Other Current Liabilities ........................................................................... (140,000) (305,900)

Common Stock ($10 par) ............................................................................................................... (500,000)

Common Stock ($10 par) ............................................................................................................... (200,000)

Retained Earnings, January 1, 2012 .............................................................................................. (2,800,000) (650,000)

Dividends Declared ........................................................................................................................ 1,000

Sales ............................................................................................................................................... (2,000,000) (650,000)

Dividend Income ............................................................................................................................ (900)

Interest Expense ............................................................................................................................ 5,000

Interest Income .............................................................................................................................. (5,000)

Cost of Goods Sold ......................................................................................................................... 1,500,000 400,000

Other Expenses .............................................................................................................................. 340,000 45,000

Totals .............................................................................................................................................. 0 0

Petties's investment in Sunco was purchased for $1,260,000 in cash on January 1, 2011, and was accounted for by the cost method. On January 1, 2011, Sunco had the following equity balances:

Common Stock ........................................ $200,000

Retained earnings ................................... 600,000

Total equity ............................................. $800,000

Pettie's excess of cost over book value on Sunco's investment has been identified as goodwill. Sunco borrowed $100,000 from Pettie on June 30, 2012, with the note maturing on June 30, 2013, at 10% interest. Correct accruals have been recorded by both companies. During 2012, Pettie sold merchandise to Sunco at an aggregate invoice price of $300,000, which included a profit of $75,000. As of December 31, 2012, Sunco had not paid Pettie for $90,000 of these purchases, and 10% of the total merchandise purchased from Pettie still remained in Sunco's inventory. Sunco declared a $1,000 cash dividend in December 2012 payable in January 2013.

Prepare the elimination and adjusting entries

The December 31, 2012, trial balances of Pettie Corporation and its 90%-owned subsidiary Surico Corporation are as follows: Petties's investment in Sunco was purchased for $1,260,000 in cash on January 1,2011 , and was accounted for by the cost method: On January 1, 2011, Sunco had the following equity balances: Pettie's excess of cost over book value on Sunco's investment has been identified as goodwill. Sunco borrowed $100,000 from Pettie on lune 30,2012 , with the note maturing on June 30,2013 , at 10% interest Correct accruals have been recarded by both companies. During 2012, Pettie sold merchandise to Sunco at an aggregate invoice price of $300,000, which included a prafit sf $75,000. As of December 31, 2012, Sunce had not paid Pettie for $90,000 of these purchases, and 10% of the total merchandise purchased from Pettie still remained in Sunca's inventory. Sunco declared a $1,000 cash dividend in December 2012 payable in Lanuary 2013 The December 31, 2012, trial balances of Pettie Corporation and its 90%-owned subsidiary Surico Corporation are as follows: Petties's investment in Sunco was purchased for $1,260,000 in cash on January 1,2011 , and was accounted for by the cost method: On January 1, 2011, Sunco had the following equity balances: Pettie's excess of cost over book value on Sunco's investment has been identified as goodwill. Sunco borrowed $100,000 from Pettie on lune 30,2012 , with the note maturing on June 30,2013 , at 10% interest Correct accruals have been recarded by both companies. During 2012, Pettie sold merchandise to Sunco at an aggregate invoice price of $300,000, which included a prafit sf $75,000. As of December 31, 2012, Sunce had not paid Pettie for $90,000 of these purchases, and 10% of the total merchandise purchased from Pettie still remained in Sunca's inventory. Sunco declared a $1,000 cash dividend in December 2012 payable in Lanuary 2013