On January 1, 2018, Panorama Corporation acquired a 75 percent interestin Scan Corporation for $1,800,000, when Scan's equity consisted of $900,000 capital stock and $300,000 retained earnings. The fair values of Scan's assets and liabilities were equal to book values on this date. Panorama uses the equity method of accounting for Scan.

During 2018, Panorama sold inventory items to Scan for $480,000, and at December 31, 2018, Scan's inventory included items on which there were $60,000 unrealized profits. During 2019, Panorama sold inventory items to Scan for $780,000, and at December 31, 2019, Scan's inventory included items on which there were $120,000 unrealized profits.
On December 31, 2019, Scan owed Panorama $90,000 on account for merchandise purchases. The financial statements of Panorama and Scan Corporations at and for the year ended December 31, 2019, are summarized as follows (in thousands):

Required:  
1)   All elimination entries in 2019 (Including the entries not affecting the consolidated Income statement). Show all your calculations.
2) A workpaper for consolidated income statement only, for the year ended December 31, 2019.    

Income statement Panoramo Scan Sales 3,600 2,400 income from scan 615 cost of good sold (1,620) (1,260) operating expense (870) (240) net income 1,725 900 Retained earning 1/1 1,095 540 less: dividends (900) (300) Retained earning 31/12 1,920 1,140 Balance sheet : Cash 900 600 Dividends receivable 90 inventories 360 480 land 480 300 building-net 1,380 600 equipment-net 1,200 840 investment in scan 2,310 total assets 7,320 3,000