Consolidation After Several Years Using Cost Method

Data for PlanetTwo Communications and its wholly$-$owned subsidiary, Stage $4$ Networks, are given below. PlanetTwo acquired Stage $4$ on January $1,2020.$ PlanetTwo uses the cost method to report its investment in Stage $4,$ and its accounting year ends December $31.$Consolidation After Several Years Using Cost Method

Data for PlanetTwo Communications and its wholly$-$owned subsidiary, Stage $4$ Networks, are given below. PlanetTwo acquired Stage $4$ on January $1,2020.$ PlanetTwo uses the cost method to report its investment

in Stage $4,$ and its accounting year ends December $31.$

$($in thousands$)$

Required

Note: Provide all answers in thousands.

a$.$ Prepare PlanetTwo's journal entry or entries during $2024$ to report its investment in Stage $4$ Networks, on its own books.

Note: If no entry is required, select $"$N$/$A $-$ no debit entry is required" and $"$N$/$A $-$ no credit entry is required" as your answers.