Consolidation at date of acquisition $($purchase price equals book value$)$

A parent company acquires its subsidiary by exchanging $30,000$ shares of its Common Stock, with a fair value on the acquisition date of $$17\mathrm{.}40$ per share, for all of the outstanding voting shares of the investee.

a$.$ What is the total fair value of the subsidiary on the acquisition date?

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b$.$ Prepare the consolidation entry or entries on the date of acquisition, given the date of acquisition balance sheets of the parent and subsidiary appearing in part c$.$ below.

c$.$ Prepare the consolidated balance sheet on the date of acquisition.