In consolidation of Perpetual Industries and Sand Hill Company at December $31,2023,$ you assemble the following data related to unconfirmed intercompany profits:

January $1,2023$ December $31,2023$

Land $$4,000,000$ $$4,000,000$

Merchandise inventory $2,400,0002,200,000$

Equipment $1,200,0001,050,000$

The equipment is carried on the purchasing affiliate$$s books at a cost of $$6,000,000$ and accumulated depreciation of $$1,800,000($straight$-$line, no salvage value$)$ at December $31,2023.$ Accumulated depreciation at the date of intercompany sale was $$1,000,000$; the original intercompany gain was $$1,500,000.$ Intercompany merchandise sales for $2023$ between Perpetual and Sand Hill were $$40,000,000.$Various Intercompany Transactions

In consolidation of Perpetual Industries and Sand Hill Company at December $31,2023,$ you assemble the following data

related to unconfirmed intercompany profits:

The equipment is carried on the purchasing affiliate's books at a cost of $$6,000,000$ and accumulated depreciation of

$$1,800,000($straight$-$line, no salvage value$)$ at December $31,2023.$ Accumulated depreciation at the date of intercompany

sale was $$1,000,000$; the original intercompany gain was $$1,500,000.$ Intercompany merchandise sales for $2023$ between

Perpetual and Sand Hill were $$40,000,000.$Required

a$.$ Assume that all of the above unconfirmed intercompany profits arose from upstream sales. Prepare the eliminating entries related to these intercompany transactions when consolidating the financial statements of Perpetual Industries and Sand Hill Company at December $31,2023.$

Enter answers using all zeros $($do not abbreviate answers to millions or thousands$).$