Panama Company owns a 75% interest in Samoa Corporation. The acquisition was January 2, 2009 , when Samoa's capital stock was $75,000 and retained earnings was $50,000. Panama's cost was $150,000. It was determined that any difference between implied and book value was attributable to Samoa's land. In 2013, Samoa had beginning retained earnings of $90,000 and issued dividends of $5,000. Panama uses the cost method to account for Samoa. In 2013, Samoa purchased merchandise from Panama, with Panama's cost of $20,000 and markup of 50 percent on cost. At the end of the year. Samoa still had $9,000 of the merchandise in its inventory. Assume that Samoa had a zero balance in beginning inventory related to purchases from Panama. Required: Prepare all the elimination entries necessary as of December 31, 2013