P Company purchased 80% of the outstanding common stock of S Company on January 2, 2016, for $190,000. Balance sheets for P Company and S Company immediately after the stock acquisition were as follows:

	P Company		S Company
Current assets	$ 83,000		$ 48,000
Investment in S Company	190,000		-0-
Plant and equipment (net)	280,000		112,000
Land	20,000		60,000
	$573,000		$220,000
Current liabilities	$ 60,000		$ 22,000
Long-term notes payable	-0-		18,000
Common stock	240,000		80,000
Other contributed capital	122,000		32,000
Retained earnings	151,000		68,000
	$573,000		$220,000

S Company owed P Company $8,000 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