On January 1, 2023, Parent Corporation exchanged $600,000 cash for 100 percent of the outstanding voting stock of Subsidiary Corporation. Parent plans to maintain Subsidiary as a wholly owned subsidiary with separate legal status and accounting information systems. At the date of acquisition, the book value of Subsidiary's net assets equaled fair market value except for the following: Book Value Fair Market Value Inventory Land Buildings (20-year remaining life) $50,000 $60,000 40,000 80,000 150,000 300,000 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, Parent and Subsidiary prepared the following post acquisition balance sheets from their separate financial records. Cash Accounts receivable Inventory $ 80,000 $ 10,000 76,000 20,000 80,000 50,000 Land Investment in Subsidiary Buildings (net) Equipment (net) Total Assets 600,000 100,000 40,000 320,000 150,000 200,000 40,000 $ 1,456,000 $310,000 Accounts payable $ (40,000) $ (50,000) Bonds payable (200,000) (100,000) Common stock, Parent (80,000) Common stock, Subsidiary (20,000) Paid-in Capital in Excess of Par, Parent (680,000) Paid-in Capital in Excess of Par, Subsidiary (80,000) Retained earnings, Parent (456,000) Retained earnings, Subsidiary (60,000) $ (1,456,000) $ (310,000) Total liabilities and equity REQUIRED: (1) Prepare a fair value allocation. (2) Prepare consolidation entries in general journal form as of January 1, 2023, i.e., immediately after the acquisition. (3) Prepare an acquisition-date consolidated worksheet for Parent and Subsidiary.