Problem Corp owns $70\%$ of Solution Inc. Problem uses the equity method to account for its investment in Solution.

PART B $(20$ Points$)$ Show all work and label all numbers.

On January $1,2020,$ Solution sold equipment to Problem for $$720.$ The equipment originally was purchased at the beginning of $2016$ for $$1,200.$ Both companies depreciate equipment on a straight$-$line basis. The equipment has eight years remaining of its original $12-$year useful life. The equipment's residual value is considered negligible.

Only July $6,2021,$ Solution sold idle land to Problem for $$645.$ The land's carrying amount on Solution's books was $$475.$

Prepare the $12/31/2022$ eliminating journal entries with respect to the intercompany fixed asset transactions.