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. Prepare the necessary eliminating entries to consolidate the financial statements of Peerless and Safeco at December 31, 2023. Enter numerical answers using all zeros (do not abbreviate in thousands or in millions). Ref. Description (C) Equity in net income of Safeco Dividends-Safeco Investment in Safeco (E) Stockholders' equity-Safeco Credit Debit 2,300,000 800,000 1,500,000 4,000,000 Investment in Safeco 0 4,000,000 (R) Goodwill 3,900,000 x Inventory Equipment, net Investment in Safeco 200,000 500,000 5,500,000 x (O) Equipment, net 100,000 Goodwill impairment loss 100,000 0 Inventory 200,000 Depreciation expense Goodwill Cost of goods sold 100,000 100,000 " 0 200,000