Hi, Please help me answer these questions. Thank you.

Parent Company acquired 90% of Son Incorporate on January 31, 20X2 in exchange for cash. The book value of Son's individual assets and liabilities approximated their acquisition-date fair values. On the date of acquisition, Son reported the following:

Cash	$ 350,000	Current Liabilities	$ 120,000
Inventory	100,000
Plant Assets (net)	320,000	Common Stock	100,000
Property	500,000	Retained Earnings	1,050,000
Total Assets	$ 1,270,000	Total Liabilities and Equity	$ 1,270,000

During the year Son Incorporate reported $310,000 in net income and declared $15,000 in dividends. Parent Company reported $520,000 in net income and declared $25,000 in dividends. Parent accounts for their investment using the equity method.

Required:

1) What journal entry will Parent make on the date of acquisition to record the Investment in Son Incorporate?

2) If Parent were to prepare a consolidated balance sheet on the acquisition date (January 31, 20X2), what is the basic consolidation entry Parent would use in the consolidation worksheet?

3) What is Parent's balance in "Investment in Son Incorporate" prior to consolidation on December 31, 20X2?

IMPORTANT!

4) What is the basic consolidation entry Parent would use in the consolidation worksheet on December 31, 20X2?