Eliminating Entries After First and Second Years

During $2023,$ Peerless Company$$s wholly$-$ owned subsidiary, Safeco Inc. reported net income of $$2,100,000$ and declared and paid dividends of $$800,000.$ Peerless acquired Safeco on January $2,2023,$ at a cash cost of $$10,000,000,$ which was $$6,000,000$ in excess of the book value of net assets acquired. Safeco$$s equipment $(5-$year life$)$ was overvalued by $$500,000.$ Its inventory, reported using FIFO, was overvalued by $$200,000.$ The remaining excess of acquisition cost over book value was attributed to goodwill. Impairment testing indicates that goodwill was impaired by $$100,000$ during $2023.$ Safeco$$s date of acquisition inventory was sold during $2023.$