Equity Method, Eliminating Entries, Several Years After Acquisition 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 complete equity method to report its investment in Stage 4, and its accounting year ends December 31. (in thousands) Acquisition cost $25,000 Stage 4's shareholders' equity, January 1, 2020 6,000 Stage 4's total reported net income, 2020-2023 11,000 Stage 4's total dividends paid, 2020-2023 4,000 Stage 4's reported net income, 2024 500 Dividends declared and paid by Stage 4, 2024 200 Allocation of excess of cost over book value to identifiable net assets, at acquisition date: Land 800 Buildings (15-year life, straight-line) (1,500) Identifiable intangibles (4-year life) 2,000 Long-term debt premium (5 years to maturity as of January 1, 2020 100 Goodwill impairment loss, 2020-2023 300 Goodwill impairment loss, 2024 0Required a. Calculate the original goodwill reported for this acquisition. $ 18800 (in thousands) b. Calculate the equity in net income for 2024, reported on PlanetTwo's books, using the complete equity method. $ 280 (in thousands) c. Calculate the balance in Investment in Stage 4 Networks at December 31, 2024, reported on PlanetTwo's books. $ 32220 (in thousands)d. Prepare the eliminating entries necessary to consolidate the financial statements of PlanetTwo and Stage 4 for 2024. Enter answers in thousands. Ref. Description Debit Credit Equity in net income of Stage 4 $ 280 0 Dividends - Stage 4 0 200 Investment in Stage 4 0 80 (E) Shareholders' equity - Stage 4 13000 0 Investment in Stage 4 # 13000 (R) Land 0 800 Long-term debt 20 0 Goodwill 0 0 Buildings, net 0 Investment in Stage 4 0 0 (0) Buildings, net Interest expense 0 0 Depreciation expense 0 O O