Complete Equity Method and Eliminating Entries, Four Years After Acquisition On January $1,2020,$ Peerless Network acquired all of the stock of Sound Telecom for $$400$ million in cash. At the date of acquisition, Sound Telecom's shareholders' equity was as follows $($in millions$)$:

Capital stock

$$10$

Retained earnings

Accumulated other comprehensive income

Total

$50$

$\frac{2}{\text{\$}62}$

An evaly ${?}^{+}$tijion of Sound Telecom's balance sheet at January $1,2020,$ revealed that its plant assets $(10-$year remainin $-$ ife$)$ were overvalued by $$40$ million and it had previously unrecorded identifiable intangible assets $(5-$year remaining life$)$ of $$10$ million. Goodwill from this acquisition was impaired by $$5$ million during $2020-2022,$ and by $$1$ million in $2023.$

Peerless Network reports its investment using the complete equity method. The following are the separate trial balances of Peerless and Sound Telecom at December $31,2023,$ four years after the acquisition.

In your answers below, show all numbers in thousands.

Required

Prepare the working paper to consolidate the trial balances of Peerless Network and Sound Telecom at $|$ December $31,2023.$