Parent acquired Subsidiary on January 1, 2XX0 at a price $900,000 in excess of book value. Of that excess, $700,000 was allocated to an unrecorded patent with a 10-year life, with the remainder to goodwill. The parent uses the equity method to account for its investment in its subsidiary. In 2XX1, Subsidiary sold to Parent land having a book value of $180,000 for a total price of $488,000. Parent sold the land to an unaffiliated party for $1,000,000 during 2XX2. Financial statements of the two companies for the year ended December 31, 2XX2 are presented below.