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) Acquisition cost $25,000 Stage 4s shareholders equity, January 1, 2020 6,000 Stage 4s total reported net income, 20202023 11,000 Stage 4s total dividends paid, 20202023 4,000 Stage 4s reported net income, 2024 500 Dividends declared and paid by Stage 4, 2024 200 Allocation of excess of cost over book value to identiable net assets, at acquisition date (fair value book value): Land 800 Buildings (15-year life, straight-line)

b. Prepare the working paper eliminating entries necessary to consolidate the accounts of PlanetTwo Communications and Stage 4 Networks at December 31,2024. Check 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