On January 1, 20X1, Hazelnut Group acquired all shares of Cashew Nut Corporation for $61,000. The statements of financial position of both firms just after this transaction are as follows. Hazelnut Cashew Nut Assets Current assets $230,000 $23,000 Investment in subsidiary $60,000 -0- Property, plant and equipment (PPE) $400,000 $30,000 Total assets $690,000 $53,000 Liabilities and equity Current liabilities Common equity Retained earnings Total liabilities and equity $113,000 $11,000 $400,000 $24,000 $177,000 $18,000 $690,000 $53,000 Fair value of Cashew Nut's PPE on January 1, 20X1 is $40,000. PPE has 10- year useful life. 6. Compute the amount below and show your work in the consolidated financial statement as of January 1, 20X1.