P1.11 Equity Investments, Various Reporting Methods vests in the stock of Quarry Corporation. Quarry's book value is $4 million and its assets and liabilities are reported at amounts approximating fair value. Quarry reports income of $3 million in 2019. Parker's December 31,2019, balance sheet and 2019 income statement, ignoring its investment in Quarry's stock follow. Neither company reports other comprehensive income LO 1, 2,3 On January 2, 2019, Parker Corporation in- PARKER CORPORATION Balance Sheet (in thousands) December 31, 2019 $ 20,000 200,000 90,000 185,000 $40,000 Current liabilities. Current assets Property, net 450,000 Long-term liabilities Retained earnings Total assets .. . .$495,000 Chapter 1Intercorporate Investments: An Overview PARKER CORPORATION Income Statement (in thousands) Year ended December 31, 2019 Cost of sales... Operating expenses .(750,000) 140,000) . . .$ 10.000 Quarry Corporation's financial statements for 2019 are as follows: QUARRY CORPORATION Balance Sheet (in thousands) December 31, 2019 S 2,000 81,000 1,000 6,000 $90,000 .. 5,000 85,000 Current liabilities. .. Long-term liabilities Retained eamings Total liabilities and equity.. $90,000 QUARRY CORPORATION Income Statement (in thousands) Year ended December 31, 2019 .(20.000) .. $ 3,000