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Python owns 75% of Snake, and Boa is an unrelated third party. Tax rates are: Snake = 25%, Python = 35%, Boa = 45%. Determine the necessary elimination entries to account for the following inter- company transactions for the preparation of Python's consolidated financial statements for the year ended December 31, 2021. On January 1, 2021, Python Co. issued a $400,000 long-term note payable to Snake Co. The note payable is due on demand, and has a 5% annual interest rate. As of December 31, 2021, the loan was outstanding and no interest payments have been made by Snake Co. Determine the elimination entries necessary for the year ended December 31, 2021