Facts: On December $31,2023,$ Parent Co purchased $95\%$ of Sub Co for $$120,000$ cash. The

Balance Sheet of each corporation just prior to the acquisition is presented below.

Additionally, book value and fair value for all of Sub's assets and liabilities are equal, with the

exception of property, plant and equipment, whose fair value is $$47,000.$

Balance sheets before acquisition:

Required:

Prepare the Parent Co journal entry to record the purchase of Sub Co$.$

What is the implied fair value of Sub Co$?$

Calculate the amount of goodwill implicit in this purchase.