On December $31,2023,$ ?Parent Co purchased $95\%$ ?of Sub Co for $$120,000$ ?cash. The Balance Sheet of each corporation just prior to the acquisition is presented below.

Additionally, book value and fair value for all of Sub$?$s assets and liabilities are equal, with the exception of property, plant and equipment, whose fair value is $$47,000.$

Prepare the required work paper elimination entries for consolidation

Balance sheets before acquisition: Parent Co Sub Co Balance Sheet Assets Cash $170,000 21,000 Accounts receivable 60,000 45,000 Inventory 50,000 45,000 Total current assets 280,000 111,000 Property, plant and equipment, net 265,000 42,000 Total assets $545,000 153,000 Liabilities & Stockholders' Equity Accounts payable $70,000 30,000 Accrued expenses 20,000 15,000 Total current liabilities 90,000 45,000 Notes payable 180,000 0 Common stock 100,000 55,000 Retained earnings 155,000 45,000 Additional paid in capital 20,000 8,000 Total stockholders' equity 275,000 108,000 Total liabilities & stockholders' equity $545,000 153,000