Parent Corporation paid $110,000 to acquire 60% of the common shares of Subsidiary Inc. on December 31, 2017. At that date, Parent Corporation also had an outstanding note payable to Subsidiary Inc. in the amount of $50,000.

Assume that Parent Corporation and Subsidiary Inc. had the following account balances at December 31, 2017 (immediately after the investment):

Assets:ParentSubsidiary

CorporationInc.

Cash$75,000$25,000

Note receivable from Parent Corporation 50,000

Inventory130,00040,000

Investment in Subsidiary Inc. 110,000

Other assets590,00035,000

Total $905,000$150,000

Liabilities and shareholders' equity:

Accounts payable$40,000$30,000

Note payable to Subsidiary Inc. 50,000

Common shares 500,000100,000

Retained earnings 315,00020,000

Total $905,000$150,000

find the eliminating entries on the consolidation worksheet