On January $1,2022,$ Parflex Corporation exchanged $$344,000$ cash for $90$ percent of Eagle Corporations outstanding voting stock. Eagles acquisition date balance sheet follows: Cash and receivables$$15,000$ Liabilities$$76,000$ Inventory $35,000$ Common stock $150,000$ Property and equipment $($net$)350,000$ Retained earnings $174,000$ $$400,000$ $$400,000$