On January 1, 2022, Alfa Corporation (the Company) purchased 55 percent of the outstanding voting stock of Delta Corporation (the Target) for a total purchase price of $3,000,000, which was paid in cash. The Company correctly recorded the investment as follows.

	Debit	Credit
Investment in Delta Corporation	3,000,000
Cash		3,000,000
Acquisition of 55 percent ownership interest in Delta corporation 1/1/22

Targets final adjusted trial balance, as of December 31, 2021, is as follows.

	Delta corporation
	Adjusted trial balance
	12/31/21
	Debits	Credits
Cash	1,655,000
Accounts receivable	350,000
Allowance for doubtful accounts		25,000
Inventory	75,000
Prepaid insurance	10,000
Property and equipment	1,250,000
Accumulated depreciation		290,000
Accounts payable		25,000
Note payable bank long-term		1,000,000
Common stock		10,000
Paid in capital in excess of par		150,000
Retained earnings		840,000
Sales		25,000,000
Expenses	24,000,000
TOTAL	27,340,000	27,340,000

Required

1.- Prepare the necessary eliminating entry to consolidate Delta as of January 1, 2022.