Par Inc. purchased 70% of the outstanding voting shares of Sub Inc. for $700000 on July 1, 2020. On that date, Sub Inc. had common shares and retained earnings worth $410,000 and $170,000, respectively. The Equipment had a remaining useful life of 5 years from the date of acquisition. Sub's bonds mature on July 1, 2025. The inventory was sold in the year following the acquisition. Both companies use straight line amortization, and no salvage value is assumed for assets. Par Inc. and Sub Inc. declared and paid $10,000 and $5,000 in dividends, respectively during the year. Par Inc. uses the Fair Value Enterprise Method to value the non-controlling interest in Sub Inc. on the acquisition date. The balance sheets of both companies, as well as Sub's fair values immediately following the acquisition are shown below:

	Par Inc.	Sub Inc.	Sub Inc.
	(carrying value)	(carrying value)	(fair value)
Cash	$600,000	$515,000	$515,000
Accounts Receivable	$140,000	$85,000	$85,000
Inventory	$60,000	$45,000	$60,000
Investment in Sub Inc.	$700,000
Equipment (net)	$50,000	$180,000	$185,000
Land		$115,000	$200,000
Total Assets	$1,550,000	$940,000
Current Liabilities	$100,000	$280,000	$280,000
Bonds Payable	$160,000	$80,000	$60,000
Common Shares	$800,000	$410,000
Retained Earnings	$490,000	$170,000
Total Liabilities and Equity	$1,550,000	$940,000

The following are the financial statements for both companies for the fiscal year ended June 30, 2021: Income Statements

Sales	$800,000	$300,000
Investment Revenue	$21,000
Less: Expenses:
Cost of Goods Sold	$240,000	$180,000
Depreciation	$10,000	$20,000
Interest Expense	$12,000	$40,000
Other Expenses	$8,000	$10,000
Net Income	$551,000	$50,000

Retained Earnings Statements

Balance, July 1, 2020	$490,000	$170,000
Net Income	$551,000	$50,000
Dividends	$(10,000)	$(5,000)
Balance, June 30, 2021	$1,031,000	$215,000

Balance Sheets

	Par Inc.	Sub Inc.
Cash	$647,500	$665,000
Accounts Receivable	$250,000	$35,000
Investment in Sub	$717,500
Inventory	$90,000	$45,000
Equipment (net)	$750,000	$170,000
Land		$115,000
Total Assets	$2,455,000	$1,030,000
Current Liabilities	$464,000	$325,000
Bonds Payable	$160,000	$80,000
Common Shares	$800,000	$410,000
Retained Earnings	$1,031,000	$215,000
Total Liabilities and Equity	$2,455,000	$1,030,000

Both companies use a FIFO system, and Sub's entire inventory on the date of acquisition was sold during the following year. During 2020, Sub Inc. borrowed $10,000 in cash from Par Inc. interest free to finance its operations. The amount remains unpaid as of June 30, 2021. The Par uses the Cost Method to account for its investment in Sub Inc. Corp. Prepare Par's consolidated balance sheet as at the date of acquisition.

Short Answer