Intercompany inventory transactions Assume that a parent company acquired 80% of the outstanding voting common stock of a subsidiary on January 1, 2018. On the acquisition date, the identifiable net assets of the subsidiary had fair values that approximated their recorded book values except for a patent, which had a fair value of $200,000 and no recorded book value. On the date of acquisition, the patent had five years of remaining useful life and the parent company amortizes its intangble assets using straight line amortization. During the year ended December 31, 2019, the subsidiary recorded sales to the parent in the amount of $240,000. On these sales, the subsidiary recorded pre-consolidation gross profits equal to 25%. Approximately 30% of this merchandise remains in the parents inventory at December 31, 2019. The following summarized pre-consolidation financial statements are for the parent and the subsidiary for the year ended December 31, 2019 Investor investee Income statement BLOOD 100.000 Income from invest 200 DO 310 000 Retained earning statement BOY retained earnings $1, 000 58000 10 000 (11 ) 51 .000 5200 000 15.306 000 000 16000 160.000 1600 320.000 & stockholders equity 510.065.600 5800.000 Total Based on this information determine the balance for Current Assets 51,782,000 51,740.000 51.800.000 51.1.000