On January 1, 2019, Petra Company Acquired Seward Company's Voting

On January 1, 2019, Petra Company acquired Seward Company's voting stock for $75,000 in cash. Seward's book value at January 1, 2019 was $6,000. Some of Seward's identifiable assets at the date of purchase had fair values that were different from reported values, as follows:
$$\begin{array} { | l | c | } \hline & \text { Fair Value - Book Value } \\\hline \text { Property \& equipment, net (10 years, straight-line) } & \$ ( 20,000 ) \\\hline \text { Identifiable intangibles (5 years, straight-line) } & 25,000 \\\hline\end{array}$$ It is now December 31, 2020 (2 years later). There has been no goodwill impairment. Seward sells merchandise to Petra at a markup of 25% on cost. Seward's beginning inventory for 2020 contains $1,000 in merchandise purchased from Petra. Seward's ending inventory contains $750 in merchandise purchased from Seward. Total 2020 retail sales from Petra to Seward are $25,000. Petra uses the complete equity method to account for its investment.
December 31, 2020 trial balances for Petra and Seward appear in the consolidation working paper below.
Required
a. Calculate total goodwill for this acquisition.
b. Calculate equity in net income for 2020.
c. Fill in the eliminating entries to consolidate the trial balances of the two companies at December 31, 2020, using the consolidation working paper provided. Clearly label your entries(C), (I), (E), (R), and (O). $\begin{array}{|c|c|c|c|c|c|}\hline & \begin{array}{l}\text { Petra } \\\text { Dr (Cr) }\end{array} & \begin{array}{c}\text { Seward } \\\text { Dr (Cr) }\end{array} & \text { Dr } & \mathrm{Cr} & \begin{array}{l}\text { Consol } \\\mathrm{Dr}(\mathrm{Cr}) \\\end{array} \\\hline \text { Current assets } & \$ 28,000 & \$ 15,000 & & & \\\hline \text { Plant \& equipment, net } & 578,200 & 206,000 & & & \\\hline \text { Intangibles } & - & - & & & \\\hline \text { Investment in Seward } & 83,850 & - & & & \\\hline \text { Goodwill } & - & - & & & \\\hline \text { Liabilities } & (620,000) & (200,000) & & & \\\hline \text { Capital stock } & (8,000) & (2,000) & & & \\\hline \text { Retained earnings, beg. } & (30,000) & (14,000) & & & \\\hline \text { Sales revenue } & (900,000) & (240,000) & & & \\\hline \text { Equity in NI of Seward } & (2,050) & - & & & \\\hline \text { Cost of goods sold } & 450,000 & 150,000 & & & \\\hline \text { Operating expenses } & \underline{420,000} & \underline{85,000} & & & \\\hline \text { Total } & \$ \quad 0 & \$ \quad 0 & & & \\\hline\end{array}$