On January 1, 2021, Parent Company issued 1,000 of its $30 par value common shares with a fair value of $50 per share in exchange for the 1,500 outstanding common shares of Sub Company in a purchase transaction. Registration costs amounted to $2,800, paid in cash. Just prior to the acquisition, the cash on the balance sheets of the two companies were as follows: Parent Company: 481000 Sub Company: 539000 1. 1. The journal entry on the Parent's books to record the exchange of stock would include a debit to the investment of Sub Company for 2. The amount of cash on the consolidated balance sheet would be Question 2 0/13 pts 319 (i) Details The Parent Company owns 90% of Sub Company Stock, with a cost of $900,000. Sub Company Equity Balances consist of: Common Stock: 181000 Other Contributed Captial: 64000 Retained Earnings: -25000 Any difference between book value of net assets and the value implied by the purchase price relates to subsidiary property plant and equipment. 1. The journal entry to eliminate Parent Company's investment in Sub Company in the preparation of a consolidated balance sheet at the date of acquisition would include a debit to Property Plant and Equipment for credit to Noncontrolling interest of