Par Corporation acquired 70 percent of the outstanding common stock of Set Corporation on January 1, 2011, for $700,000 cash. Immediately after this acquisition, the balance sheet information for the two companies was as follows (in thousands):

REQUIRED
1. Prepare a schedule to assign the difference between the fair value of the investment in Set and the book value of the interest to identifiable and unidentifiable net assets.
2. Prepare a consolidated balance sheet for Par Corporation and Subsidiary at January 1, 2011.

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Set Par Book Value Book Value Fair Value Cash Receivables -net Inventories Land Buildings-net Equipment-net Investment in Set S 140 320 280 $80 120 120 200 280 160 $ 80 120 DID 240 360 440 320 700 600 Total assets 8360 $1,120 Liabilities and Stockholders' Equity Accounts payable Other liabilities Capital stock, $20 par Retained earnings 360 40 2,000 200 $320 200 200 a0 8360 $ 320 Total equities