please show calculations and type dont use hand writing

B- Park Corporation paid $24,800 for an 80% interest in Stay Corporation on January 1, 2019, at which time Stay's stockholders' equity consisted of $15.000 of Common Stock and $6.000 of Retained Earnings. The fair values of Stay Corporation's assets and liabilities were identical to recorded book values when Park acquired its 80% interest. Stay Corporation reported net income of $4,000 and paid dividends of $2,000 during 2019. Park Corporation sold inventory items to Stay during 2019 and 2020 as follows: Park's sales to Stay Park's cost of sales to Stay Unrealized profit at year-end 2019 $5.000 3.000 1,000 2020 $6,000 3,500 1,500 At December 31, 2020, the accounts payable of Stay include $1.500 owed to Park for inventory purchases. 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. Park Stay Consolidated Eliminations Debit Credit INCOME STATEMENT Sales $43.000 $20,000 6,700 (22,000) (8,000) |(12.200 3,000) income from Stay Cost of Sales Other Expenses Noncontrolling interest share Net income Retained Earnings 1/1 Add: Net income Dividends Retained Earings 12/31 $15.500 $9.000 $ 9,000 $8.000 15.500 9.000 (10,000) (5,000) $ 14,500 $12.000 B326 FTHE V. II Page 4 of 6 Summer 2020-2021 $5.400 S 3.000 10,000 14.000 2,000 18,000 8,000 BALANCE SHEET Cash Net Receivables Dividends Receivable Inventories Goodwill Plant assets-net Investment in Stay TOTAL ASSETS LIAB. & EQUITY 24,000 31.000 28,100 $91,500 S52.000 Accounts payable Dividends payable $17.500 $ 12,500 7.000 2,500 Other Debt 12,500 10,000 Capital Stock 40,000 15,000 Retained Earnings 14,500 12,000 1/1 Noncntrl. Interest 12/31 Noncntrl. Interest TOTAL LIAB. & EQUITIES $91,500||$52,000