On January 1, 2019, Pacific Co. purchased 60% of the outstanding common shares of Salmon Co. for $1,200,000. On that date, Pacific's controller correctly prepared the following goodwill schedule for the purchase: Imputed purchase price: Less Salmon common share, Jan 1, 2019 Less Salmon retained earnings, Jan 1, 2019 PPD: PPD allocated to: Inventory: DIT: Goodwill: PPD: $500,000 400,000 $150,000 (45,000) 995,000 $2,000,000 $1,100,000 $1,100,000 Additional information: Both Pacific and Salmon turn inventory over four times per year. At December 31, 2021, Pacific's retained earnings totalled $5,500,000 and Salmon's retained earnings totalled $1,100,000. Each year since Pacific acquired Salmon, Salmon has declared and paid dividends of $225,000. Pacific's tax rate is 30%, Salmon's tax rate is 25%. Both companies report under IFRS. Pacific's controller is looking for your assistance in preparing some of the elimination entries necessary for consolidation for the year ended December 31, 2021. Please assist as requested. Note that all calculations must be shown and descriptions must be provided for each entry, or your response will not be graded. If no entry is required for the transaction, you must write 'no entry required' to receive credit. Part 1: Determine the elimination entry required to allocation a portion of Salmon's earnings since Pacific's acquisition date to NCSHI (hint: this is entry #3 in Acct 310 consolidation elimination entries): A