Assume that a parent company acquired son of the outstanding voting common stock of a subsidiary onuary 1, 2011On the question date the identifient assets of the subsidiary had fair values that approximated the recorded book values except for a patent which had a far value of $200.000 and no recorded book value. On the date of action the patient had the years of remaining useful life and the parent company amortize its intangible assets using t he line amortization. During the yewended December 31, 2012, the subsidiary recorded sales to the parent in the amount of $240.000. On these sales, the subsidury recorded pre-consodation Cross profits equal to 25 Aproximately On of this merchandise remain in the parents inventory at December 31, 2019. The following summarized pre-consolidation financial statements are for the parent and the subsidiary for the year ended December 31, 2019 Investor investee Income statement 20 02200000 30,000) Retained earning statement Support 51.48000 580.000 Dvidends declared EOV rained 51.600.000 200.000 95.26000 $320.000 Commons APC Tot holder et 510.06 Based on this information determine the balance for Retained Earnings 51569.600 600 53.160.600 $ .600 Assume that a parent company acquired son of the outstanding voting common stock of a subsidiary onuary 1, 2011On the question date the identifient assets of the subsidiary had fair values that approximated the recorded book values except for a patent which had a far value of $200.000 and no recorded book value. On the date of action the patient had the years of remaining useful life and the parent company amortize its intangible assets using t he line amortization. During the yewended December 31, 2012, the subsidiary recorded sales to the parent in the amount of $240.000. On these sales, the subsidury recorded pre-consodation Cross profits equal to 25 Aproximately On of this merchandise remain in the parents inventory at December 31, 2019. The following summarized pre-consolidation financial statements are for the parent and the subsidiary for the year ended December 31, 2019 Investor investee Income statement 20 02200000 30,000) Retained earning statement Support 51.48000 580.000 Dvidends declared EOV rained 51.600.000 200.000 95.26000 $320.000 Commons APC Tot holder et 510.06 Based on this information determine the balance for Retained Earnings 51569.600 600 53.160.600 $ .600