Par Corporation acquired a $70$ percent interest in Sol Corporation's common stock on January $1,2021,$ for $$490,000$ cash. The stockholders' equity of Sol on this date consisted of $$500,000$ capital stock and $$100,000$ retained earnings. The difference between the fair value of Sol and the underlying equity acquired in Sol was assigned $$5,000$ to Sol's undervalued inventory, $$14,000$ to undervalued buildings, $$21,000$ to undervalued equipment, and $$60,000$ to goodwill.

The undervalued inventory items were sold during $2021,$ and the undervalued buildings and equipment had remaining useful lives of seven years and three years, respectively. Depreciation is straight line. At December $31,2021,$ Sol's accounts payable includes $$10,000$ owed to Par. Separate financial statements for Par and Sol for $2021$ are summarized as follows $($in thousands$)$:

Required:$-$ Using equity method

Prepare the elimination entries required for consolidation on December $31,2021.$

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