On January $1,2024,$ Company P exchanged $$600,000$ cash for $100$ percent of the outstanding voting stock of S Company. Company P plans to maintain S Company as a wholly owned subsidiary with separate legal status and accounting information

systems.At the date of acquisition, the book value of S Company's net assets equaled fair market value except for the following:

$\backslash$table$[[,$Book Value,Fair Market Value$],[$Inventory$,$$$50,000,$$$60,000],[$Land$,$$$40,000,$$$80,000],[$Buildings $(20-$year remaining life$),$$$150,000,$$$300,000],[$Equipment $(5-$year remaining life$),$$$40,000,$$$30,000],[$Bonds payable $(10-$year remaining life$),$$$100,000,$$$120,000]]$

Any excess of price paid is goodwill.

Immediately after closing the transaction, Company P and S Company prepared the following post$-$acquisition balance sheets from their separate financial records.

Cash

Accounts receivable

Inventory

Investment in S Company

Land

Buildings $($net$)$

Equipment $($net$)$

Total Assets

Accounts payable

Bonds payable

Common stock, Company P

Common stock, S Company

Paid$-$in Capital in Excess of Par, Company P

Paid$-$in Capital in Excess of Par, S Company

Retained earnings, Company $P$

Retained earnings, S Company

Total liabilities and equity

$\backslash$table$[[$Company P$,$S Company$],[$$$,80,000,$$$,10,000],[,76,000,,20,000],[,80,000,,50,000],[,600,000,,],[,100,000,,40,000],[,320,000,,150,000],[,200,000,,40,000],[$$$,1,456,000,$$$,310,000],[$$$,(40,000),$$$,(50,000)],[,(200,000),,(100,000)],[,(80,000),,(20,000)],[,(680,000),,],[,(456,000),,],[,,,(60,000)],[$$$,(1,456,000),$$$,(310,000)]]$

I need to prepare an acquisition$-$date consolidated worksheet for Company P and its subsidiary S Company$-$did I do this correctly$-$ I feel I am missing something my calculations are off