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On January 1, 2021, Parent Corporation paid $3,327,000 cash for 100 percent of the outstanding voting stock of Subsidiary Corporation. After the acquisition, the Subsidiary will remain as a separate legal entity. At the acquisition date, Parent prepared the following fair-value allocation schedule: Fair value of Subsidiary (consideration transferred) Carrying amount acquired $3,327,000 2,600,000 $ 727,000 Excess fair value to buildings (undervalued) $ 351,000 (104,000) to licensing agreements (overvalued) 247,000 $ 480,000 to goodwill (indefinite life) On the date of acquisition, Parent and Subsidiary updated their financial records, and prepared the following post-acquisition balance sheets. (Hint: these are the basis for your worksheet--the first two columns of your worksheet). Accounts Parent Subsidiary Cash $ Accounts receivable 456,000 $ 136,500 1,450,000 321,000 884,500 Inventory 1,335,000 Investment in Subsidiary 3,327,000 0 Buildings (net) 6,060,000 2,150,000 Licensing agreements Goodwill 0 3,030,000 0 259,000 Total assets $ 12,887,000 $6,522,000 Accounts payable Long-term debt Common stock Additional paid-in capital $ (377,000) $ (462,000) (3,510,000) (3,460,000) (3,000,000) (1,000,000) (500,000) (6,000,000) (1,100,000) 0 Retained earnings Total liabilities and equities$(12,887,000) $(6,522,000) Prepare an acquisition-date consolidated balance sheet for Parent Corporation and its subsidiary. Please carefully read the instructions: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values. Prepare an acquisition-date consolidated balance sheet for Parent Corporation and its subsidiary. Please carefully read the instructions: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values. PARENT AND SUBSIDIARY COMPANY Worksheet for a Consolidated Balance Sheet January 1, 2021 Adjust. & Elim. PARENT SUBSIDIARY Consolidated Cash $ 456,000 $ 136,500 Accounts receivable 1,450,000 321,000 Inventory 1,335,000 884,500 Investment in SUBSIDIARY 3,327,000 Buildings (net) 6,060,000 2,150,000 3,030,000 Licensing agreements Goodwill 259,000 Total assets $ 12,887,000 $ 6,522,000 Accounts payable $ (377,000) (462,000) Long-term debt (3,510,000) (3,460,000) Common stock (3,000,000) (1,000,000) Additional paid-in capital (500,000) Retained earnings (6,000,000) (1,100,000) $ Total liabilities and equities $ (6,522,000) (12,887,000) Debit Credit