At the beginning of the year, Parent Corp. purchased 80% of the common stock of Sub Inc. for $1,040,000 cash, which reflects 80% of Subs total fair value. Subs balance sheet information at the acquisition date is as follows:

	Book Value	Fair Value
Cash and Receivables	$ 90,000	$ 90,000
Inventory	130,000	150,000
Building and Equipment	880,000	840,000
Accumulated Depreciation	(300,000)
Patent		130,000
Total Assets	$ 800,000	$ 1,210,000
Accounts Payable	$ 80,000	$ 80,000
Notes Payable	120,000	130,000
Common Stock ($5 par)	200,000
Additional Paid-in Capital	100,000
Retained Earnings	300,000
Total Liabilities & Stockholders Equity	$ 800,000
Fair Value of Net Assets		$ 1,000,000

Required: Prepare all adjusting and eliminating entries needed to prepare a consolidated balance sheet as of the acquisition date.