Jaynes Inc. acquired all of Aaron Co.'s common stock on January 1, 2012, by issuing 11,000 shares of $1 par value common stock. Jaynes' shares had a $17 per share fair value. On that date, Aaron reported a net book value of $120,000 (common stock $50,000 and retained earnings $70,000). However, its equipment (with a five-year remaining life) was undervalued by $6,000 in the company's accounting records. Any excess of consideration transferred over fair value of assets and liabilities is assigned to an unrecorded patent to be amortized over ten years. The following figures came from the individual accounting records of these two companies as of December 31, 2012: Revenues Expenses Investment income Dividends paid Jaynes Inc. Aaron Co. 720,000 S 276,000 528,000 144,000 Not given 100,000 60,000 The following figures came from the individual accounting records of these two companies as of December 31, 2013: Revenues Expenses Investment income Dividends paid Equipment Jaynes Inc. Aaron Co. 840,000 S 336,000 552,000 180,000 Not given 110,000 50,000 600,000 360,000 960,000 216,000 Retained earnings, 12/31/13 balance Required: Prepare the elimination entries for December 31, 2013. (S) (A) (1) (D) (E)