Parent acquired Subsidiary on January $1,2$XX$0$ at a price $$900,000$ in excess of book value. Of that excess, $$700,000$ was allocated to an unrecorded patent with a $10-$year life, with the remainder to goodwill. The parent uses the equity method to account for its investment in its subsidiary. In $2$XX$1,$ Subsidiary sold to Parent land having a book value of $$180,000$ for a total price of $$488,000.$ Parent sold the land to an unaffiliated party for $$1,000,000$ during $2$XX$2.$ Financial statements of the two companies for the year ended December $31,2$XX$2$ are presented below.party for $$1,000,000$ during $22.$ Financial statements of the two companies for the year ended December $31,22$ are presented below.

Required

Prepare the consolidation entries for $22$