(Integrated Foreign Subsidiary) On December 31, 2019, Hilman Enterprises of Montreal paid $12,000,000 for 100% of the outstanding shares of Wilsen Corp of the United States. Wilsen's fair values approximated its book values on that date. Wilsen's comparative balance sheets for 2019 and 2020 are shown below: Balance Sheet as at December 31 (in U.S. Dollars) 2020 2019 Current Monetary Assets $8,000,000 $7,500,000 Inventory $2,000,000 $3,000,000 Plant and Equipment (Net) $1,500,000 $1,800,000 Total Assets $11,500,000 $12,300,000 Current Liabilities $1,100,000 $2,300,000 Bonds Payable (due Dec 31, 2026) $5,000,000 $5,000,000 Common Shares $4,000,000 $4,000,000 Retained Earnings $1,400,000 $1,000,000 Total Liabilities and Equity $11,500,000 $12,300,000 Sales Inventory, January 1, 2020 Purchases Inventory, December 31, 2020 Depreciation Expense Other Expenses Net Income $5,200,000 Income Statement for $3,000,000 the Year ended $3,000,000 December 31, 2020 ($2,000,000) $300,000 $400,000 $4,700,000 $500,000