P Company purchased 80% of the outstanding common stock of S Company on January 2, 2016, for $380,000. Balance sheets for P Company and S Company immediately after the stock acquisition were as follows: P Company S Company Current assets $ 166,000 $ 96,000 Investment in S Company 380,000 -0- Plant and equipment (net) 560,000 224,000 Land 40,000 120,000 $1,146,000 $440,000 Current liabilities $ 120,000 $ 44,000 Long-term notes payable -0- 36,000 Common stock 480,000 160,000 Other contributed capital 244,000 64,000 Retained earnings 302,000 136,000 $1,146,000 $440,000

S Company owed P Company $16,000 on open account on the date of acquisition. Required:

Prepare a consolidated balance sheet for P and S Companies on the date of acquisition. Any difference between the value implied by the purchase price of the investment and the book value of net assets acquired relates to subsidiary land. The book values of S Company's other assets and liabilities are equal to their fair