10. On January 1, 2020, Parots & Parties Company purchased all of the common stock of Sunshine Company for $850,000 cash. On that date, Sunshine had common stock of $60,000, additional paid-in capital of $360,000, and retained earnings of $300,000. The difference between the cost of the purchase and the book value of Sunshine's net assets was at least partly due to under or overvalued assets and liabilities. Inventory was undervalued by $10,000. Land was undervalued by $70,000. Buildings and Equipment were undervalued by $18,000. Bonds Payable was overvalued by $15,000. Any unexplained difference is due to Goodwill. Required: Prepare all necessary entries for a January 1, 2020, consolidated balance sheet