Problem $3-19($Algo$)($LO $3-3$a$)$

Question and information are in the first photo. The second photo is the first of the following $12$ journal entries needed. Can be $"$No Journal Entry Required" if needed.

Here are the $12$journal entries needed:

$1.$Prepare entry $*$C to convert parent's beginning retained earnings to full accrual basis.

$2.$Prepare entry S to eliminate stockholders' equity accounts of subsidiary.

$3.$Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill.

$4.$Prepare entry I to eliminate the income accrual for $2020$less the amortization recorded by the parent using the equity method.

$5.$Prepare entry D to eliminate intra$-$entity dividend transfers.

$6.$Prepare entry E to recognize current year amortization expense.

$7.$Prepare entry $*$C to convert parent's beginning retained earnings to full accrual basis.

$8.$Prepare entry S to eliminate stockholders' equity accounts of subsidiary for $2021.$

$9.$Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for $2021.$

$10.$Prepare entry I to eliminate the income accrual for $2021$less the amortization recorded by the parent using the equity method.

$11.$Prepare entry D to eliminate intra$-$entity dividend transfers.

$12.$Prepare entry E to recognize current year amortization expense.