In January 1, 2017 Lake Company has acquired 90% of Pink Company for $3,150,000 on the date of the acquisition the subsidiary had retained earnings $900,000 and a capital of $2,100,000. Separate balance sheet as of 1 January 2017 for Lake Company and its Subsidiary. Parent Subsidiary Cash 60,000 85,000 Receivable 35,000 40,000 Land 1,550,000 750,000 Property 1,500,000 2,200,000 Investment in Subsidiary 3,150,000 - Total asset 6,295,000 3,075,000 Account payable 55,000 60,000 Other liabilities 87