Par Corporation acquired a 70% interest in Sol Corporation's outstanding voting common stock on January 1,2009 for $490,000 cash. The stockholder's equity of Sol on this date consisted of $500,000 capital stock and $100,000 retained earnings The difference between the price paid by Parr and the underlying equity acquired in Sol were allocated $5,000 to Sol's undervalued inventory $14,000 to undervalued buildings, $21,000 to undervalued equipment and reminder to goodwill The undervalued inventory were sold during 2009 and the undervalued buildings and equipment had remaining useful lives of seven years and three years respectively. Depredciaton is straight line At December 31, 2009 Sols accoutns payable include $10,000 owed to Par This $10,000 account payable is due January 5,2010 Par sold equipment with a book value of S15,000 for S25,000 on June 1,2009. This is NOT an intercompany sale transaction Separate financial statements for Par and Sal for 2009 are summarized and presented Required: 1) Provide the entries made by Par on January 1,2009 and subsequently for the year 2) Provide the consolidation / elimination entries at December 31,2009