Parent Company purchased 70% of the common stock of Sub, Inc. on Jan 1, 2009, for $500,000 Parent Company maintains its investment in subsidiary account using the cost method. Prepare the CAD, workpaper entries, and complete the workpaper (next page) for the year ended 12/31/09. The DIFFERENCE between book values of the equity acquired and the value implied by the purchase price is entirely due to the difference between book value and fair value of land Note: Parent received a $70,000 dividend from Sub. Sub Inc. Equity as of 1/1/2009: Common stock $100000. Retained earnings 120000 APIC 50000 Total 270,000 Prepare the CAD and the workpaper entries