Panaz Company Acquires the Voting Stock of Sydney Company for $40,000

Panaz Company acquires the voting stock of Sydney Company for $40,000 in cash on January 1, 2020. Panaz accounts for its investment using the cost method. Sydney's shareholders' equity at the date of acquisition was $2,500, consisting of capital stock of $1,900 and retained earnings of $600. The $37,500 excess of acquisition cost over book value is attributed as follows:
$$\begin{array} { | l | r | l | } \hline \text { Inventories } & \$ 300 & \text { FIFO, sold in 2020 } \\\hline \text { Plant \& equipment } & 2,000 & \text { 5-year life, straight -line } \\\hline \text { ID intangibles } & 4,000 & \text { 4-year life, straight -line } \\\hline \text { Goodwill } & \mathbf { 3 1 , 2 0 0 } & \text { Impaired by \$50 in 2021 } \\\hline \text { Total } & \$ 37,500 & \\\hline\end{array}$$ It is now December 31, 2021. Sydney's retained earnings at the beginning of 2021 was $2,500. Sydney reported net income of $1,800 and declared and paid dividends of $100 in 2021.
Required
Prepare the eliminating entries (C), (A), (E), (R), and (O), in journal form, necessary to consolidate the financial statements of Panaz and Sydney at December 31, 2021.