Parent Corporation Paid $105,000 to Acquire 75% of the Common

Parent Corporation paid $105,000 to acquire 75% 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 $20,000.
Assume that Parent Corporation and Subsidiary Inc.had the following account balances at December 31,2017 (immediately after the investment):
$\begin{array}{lcc}\text { Assets: } & \text { Parent } & \text { Subsidiary } \\& \text { Corporation } & \text { Inc. }\\\text { Cash } & \$ 35,000 & \$ 15,000 \\\text { Note receivable from Parent Corporation } & & 20,000 \\\text { Inventory } & 120,000 & 30,000 \\\text { Investment in Subsidiary Inc. } & 105,000 & \\\text { Other assets } & \underline{495,000} & \underline{65,000} \\\text { Total } & \underline{\$ 755,000 }& \underline{ \$ 130,000}\end{array}$
Liabilities and shareholders' equity:
$\begin{array}{lll}\text { Accounts payable } & \$ 15,000 & \$ 10,000 \\\text { Note payable to Subsidiary Inc. } & 20,000 & \\\text { Common shares } & 500,000 & 90,000 \\\text { Retained earnings } & \underline{220,000} & \underline{30,000} \\\text { Total } & \underline{\$ 755,000} &\underline{ \$ 130,000}\end{array}$
Prepare the necessary eliminating journal entries that would appear on the December 31,2017 worksheet for a consolidated balance sheet.