On December $31,2026,$ Parent Company purchased $80\%$ of the common stock of Subsidiary Company for $$280,000.$ On this date, Subsidiary had total owners equity of $$250,000($common stock $$20,000$; other paid$-$in capital, $$80,000$; and retained earnings, $$150,000.$ Any excess of cost over book value is due to the under or overvaluation of certain assets and liabilities, Inventory is undervalued $$5,000.$ Land is undervalued $$20,000.$ Buildings and equipment have a fair value which exceeds book value by $$30,000.$ Bonds payable are overvalued $$5,000.$ The remaining excess, if any, is due to goodwill.

Required:

List the adjustments in the text bor below $($Account Name and amount$)$ required in this transaction $($Example: Discount on Bonds Payable $-55,000)$

Prepare in General Journal Form the Elimination Entries required in this transaction. Enter these entries in the test bor belor.