On 1/1/22 Big Co acquired 70% of the voting stock of Little Co. for $350,000. At that time the fair value of the NC Interest was $150,000. Little's book value was $400,000, with Common Stock of $100,000 and Retained Earnings of $300,000. All of Little's assets and liabilities had fair values equal to book value except: Land, undervalued by $5,000 Patents, 5 year life, undervalued by $20,000 Machinery, 10 year life, undervalued by $40,000 Any remaining differential is attributed to goodwill The following intercompany transactions took place during 2022 and 2023 : 1. On 7/1/23 Big sold land to Little for $30,000. Bid had acquired the land in 2022 for $25,000. 2. Little sold a copyright to Big on 1/1/22. The patent had a 5 year remaining life. It had a book value on 1/1/22 of $20,000 and was sold to Big for $30,000 4. Little routinely sells merchandise to Big. The following sales information applies to 2022 and 2023. 2022: Little sold goods costing $40,000 to Big for 53,000 . Of this merchandise, Big resold 30% in 2022 and the remainder in 2023 2023: Little sold goods costing $50,000 to Big for 60,000 . Of this merchandise, Big resold 80% in 2023. During 2023, Little reported earnings of $50,000 and paid dividends of $5,000 Required: Prepare appropriate equity method entries for 2023. Prepare appropriate elimination/consolidation entries for 2023. PLEASE BE CAREFUL ABOUT THE DATES! BIG ACQUIRED LITTLE IN 2022. IT'S NOW 2023