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Company P acquired $60\%$ of the outstanding common stock of Company $S$ by issuing common stock with a market value of $$420,000$ on January $1,2016.$ The balance sheet of Company S was as follows on the acquisition date:

$\backslash$table$[[$Assets$,,\backslash$table$[[$Liabilities and$],[$Equity$.]],],[$Cash$,$$$50,000,$Liabilities,$$80,000$