Jack Resorts uses a financial entity to obtain secured debt. It sells customer timeshare agreements to the entity, who finances the purchases its primary beneficiary. Jack Resort has no equity interest in the VIE. The VIEs balance sheet on that date is as follows:ReceivablesOther assels$$6,000,000$Secured debt$55,500\mathrm{.}0001,500,0001,000,000$$$7,000,000$Total debt & equity $$7,000,000$On January $1,2022,$ the VIEs other assets are undervalued by $$500,000$ and it has previously unrecorded identifiable intangible assets of $$200\mathrm{.}000.$ The fair value of the VIE is $$3\mathrm{.}200\mathrm{.}000.$RequiredPrepare the eliminating entries required to consolidate the VIn January $1,2022,$ assuming the VIE and Pelican area. already under common control.A journal entry may not be required for either or both $($E$)$ and $($R$),$ If this applies, select $"$No entry" as the journal descriptions.