Park paid $16,200 for a 90% interest in West on January 1, 2019, when West stockholders' equity consisted of $9,000 Capital Stock, APIC 1000 and $5,000 of Retained Earnings. The excess cost over book value was attributable to goodwill.

Additional information:

1. All intercompany sales of inventory are made at 120% of cost. During 2019, West sales to Park were $4,800, of which half of the merchandise remained in Park inventory at December 31, 2019. (The 2019 ending inventory was sold in 2020.) During 2020, Park sales to Seagull were $6,000 of which 60% remained in West inventory at December 31, 2020. At year-end 2020, West owed Park $1,500 for the inventory purchased during 2020.

2. Park sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to West Corporation on January 1, 2020 for $2,800. Straight-line depreciation is used.

3. During 2020, West sold to Park Corporation land for $100,000 that had a book value of $60,000. Park still owns the land at December 31, 2020.

4. Separate company financial statements for Park Corporation and Subsidiary at December 31, 2020 are summarized in the first two columns of the consolidation working papers.

Required: 1) Prepare all elimination entries in 2020 (Including the entries not affecting the consolidated Income statement). Show all your calculations.

2) Complete the working papers to consolidate the financial statements of Park Corporation and subsidiary for the year ended December 31, 2020.