Chapter $3$

The consolidated balance sheet of Trade Corporation and Elisa Farm, its $90\%$ owned subsidiary, as of December $31,2022,$ contains the following accounts and balances:

$\backslash$table$[[$Cash$,$$$,19,000],[$Accounts receivable $-$ net,,$70,000],[$Inventories$,,110,000],[$Other current assets,,$85,000],[$Plant assets$-$net,,$290,000],[$Goodwill from consolidation,,$39,000],[$$$,613,000],[$Accounts payable,$$,73,000],[$Other liabilities,,$70,000],[$Capital stock,,$350,000],[$Retained earnings,,$80,000],[$Minority interest,,$40,000],[$$$,613,000]]$

Trade Corporation acquired its $90\%$ interest in Elisa Farm on January $1,2022,$ when Elisa Farm had $$150,000$ of Capital Stock and $$70,000$ of Retained Earnings. Elisa Farm's net assets had fair values equal to their book values when Trade acquired its interest. No changes have occurred in the amount of outstanding stock since the date of the business combination. Trade uses the equity method of accounting for its investment.

Required:

Determine the following amounts: $(10$ points$)$

The balance of Trade's Capital Stock and Retained Earnings accounts at December $31,2022.$

Cost of Trade's purchase of Elisa Farm on January $1,2022.$