Attached is a worksheet containing the financial statements for Parrot for the year ending December $31,2022$; for its two $80\%-$owned subsidiaries, Sumone and Sumother, on December $31,2022,$ and for the year ending December $31,2022$; and the six$-$month period from June $30$ to December $31,2022,$ respectively.

Parrot acquired Sumone on January $1,2019,$ for $$64,000.$ At that date, Sumone$$s stockholders$$ equity comprised:

Common stock $$20,000$

Paid$-$in capital $$13,000$

Retained earnings $$22,000$

Sumone$$s inventory $($book value $$20,000$ fair value $$25,000)$ and plant $($the book value cost $$50,000$ less accumulated depreciation $$10,000$ fair value $$55,000)$ were the only assets that required revaluation at acquisition. The plant had a $10-$year remaining useful life from the acquisition date and is still owned. The inventory was sold in $2020.$ Goodwill, if any, since that date does not require impairment. The value of the noncontrolling interest at the acquisition date was determined to be $$15,000.$

Parrot acquired Sumother on June $30,2022,$ for $$94,000$ cash. At the acquisition date, the balance sheet of Sumother was as shown in the worksheet provided to you. The only asset of Sumother that had a value different from their book value was the inventory, which had a fair value of $$40,000.$ Half of this inventory was sold by December $31,2022,$ and the balance is on hand. Goodwill, if appropriate, is also unimpaired since that date. In this acquisition, the noncontrolling interest was valued at $$23,000.$

On January $1,2021,$ Parrot had sold the plant to Sumone for $$120,000.$ This plant had originally cost Parrot $$140,000$ and had accumulated depreciation of $$40,000$ at the date of disposal to Sumone. The plant had a five$-$year remaining useful life from the date of transfer.

Sumone sells goods to other group members. Inventory sales by Sumone to Parrot in $2022$ were $$40,000.$ Of these, $$16,000$ were unsold on December $31,2022.$ There were $$20,000$ of goods held in Parrot$$s inventory on January $1,2022,$ arising from prior$-$year purchases from Sumone. These were all sold outside the group in the current year. Sumone uses a one$-$third markup on cost for all sales.

The unpaid inter$-$entity balance due to Sumone from Parrot included in receivables and payables relating to the inventory sales was $$10,000$ on December $31,2022,$ and $$5,000$ on December $31,2021.$

In this question, all aspects of taxation may be ignored.

Parrot has used the cost $($original value$)$ method to account for its investments in the attached worksheets.

$1.$ On the first worksheet, complete a consolidated balance worksheet for Parrot and its subsidiary on December $31,2021.$

Balance sheets December $31,2021$

$\backslash$table$[[,$Parrot,Sumone,,,Consolidated$],[,12/31/21,12/31/21,$Debit,Credit,$12/31/21],[,,,,,],[$Cash$,70,000,30,000,,,],[$Accounts receivable,$94,220,45,000,,,],[$Inventory$,44,880,51,950,,,],[$Investments in subsidiary,$64,000,-,,,],[$Plant and equipment net,$75,000,140,000,,,],[,,,,],[,,,,],[348,100,266,950,,,],[$Accounts payable,$50\mathrm{.}000,81,800,,,],[$Accrued liabilities,$19,000,2,150,,,],[$Long term debt,$140,000,80,000,,,],[,-,,,],[,-,,,],[$Common stock,$30,000,20,000,,,],[$Paid in capital,$24,000,13,000,,,],[,-,,,],[$Retained earnings,$85,100,70,000,,,],[,-,,,],[,-,,,],[,-,,,],[348,100,266,950,,,]]$