After business combination

On January 2, 2020, Parent Corporation and Subsidiary Company decided to make a business combination. From their agreement, both companies would set up a new legal business entity, named "Holding Company". Then, the Parent Corporation and Subsidiary Company would transfer their net assets to the Holding Company, and in exchange the Holding Company would issue its new capital stocks to both companies' shareholders. After transferring all net assets, Parent Corporation and Subsidiary Company would dissolve. The Holding Company issued 100,000 new shares of its $5 par value common stock, an appraisal value was $19 a share, for all of Subsidiary Company's outstanding common shares. The Holding Company issued 140,000 new shares of its $5 par value common stock, an appraisal value was $19 a share, for all of Parent Corporation's outstanding common shares. The Holding Company paid $55,000 to register and issue shares, and also paid $30,000 for the direct combination costs of the accountants. The fair value and book value of Subsidiary's identifiable assets and liabilities were the same. Summarized balance sheet information for both companies just before the acquisition on January 2, 2020 is as follows: : $000 Parent - BV Parent - FV Subsidiary - BV Cash 150 150 120 Inventories 320 350 400 Other current assets 500 500 500 Land 350 450 250 Plant assets 8,000 3,500 2,000 Accumulated depreciation (4,000) (500) Total assets 5,320 2,770 Accounts payable 1,000 1,000 300 Notes payable 1,300 1,200 660 Common stocks, $5 par 2,000 500 Additional paid-in capital 1,000 100 Retained Earnings 20 1,210 Total Liabilities & Equities 5,320 2,770 Required: 1. Prepare Holding's general journal entry for the acquisition of Parent Corporation and Subsidiary Company. 2. Prepare the Financial Position Statement of Holding Company on January 2, 2020, after