In January 1, 2014 James Company has acquired 85% of LuLu Company for $2,125,000 on the date of the acquisition the subsidiary had retained earnings $650,000 and a capital of $1,100,000.

Separate balance sheet as of 1 January 2014 for James and its Subsidiary.

Description	Parents	Subsidiary
Cash	60,000	35,000
Receivable	35,000	40,000
Land	1,550,000	550,000
Property	1,500,000	1,200,000
Investment in Subsidiary	2,125,000	-
Total asset	5,270,000	1,825,000
Account payable	50,000	60,000
Other liabilities	67,000	15,000
Capital stock	3,900,000	1,100,000
Retained earnings	1,253,000	650,000
Total equity and liabilities	5,270,000	1,825,000

Record the parent entry in time of acquisition of assets.