2. Parent acquires 80 percent of Subsidiary's outstanding common stock for $240,000, an amount equal to 80 percent of the fair value of Subsidiary's net assets on January 1, 20X1. On this date, the fair value of Subsidiary's individual assets and liabilities are equal to their book values. Parent records operating earnings of $140,000, excluding its income from investing in Subsidiary and declares dividends of $60,000. Subsidiary reports net income of $50,000 and declares dividends of $30,000. illa Parent properly records the investment using the equity method. Parent Subsidiary Income Statement 60,000 Income from Subsidiary Consolidated Net Income Innoch Statement of Retained Earnings Beginning balance Net Income Less Dividends Declared Ending balance 420,000 120,000 220,000 75,000 olup bibir 580,000 155,000 vnd Balance Sheet HE Investment in Subsidiary 284,000 Total Assets 1,380,000 555,000 Common Stock Retained Earnings 500,000 589,000 200.000 155.000 Provide the basic consolidation entry