Parent Corporation acquired 100% of Sub Co. on January 1, Year 1 by issuing 25,000 shares of $1 par common stock (fair value $25 per share). Sub reported retained earnings of $350,000 and total stockholders' equity of $480,000 at that time. On that date, Sub had royalty agreements (6-year life) that were undervalued on its books by $60,000. In addition, Sub owned a copyright (10-year life) that was not reflected on its books that had a fair value of $50,000. Any goodwill is considered to have an indefinite life with no impairment charges on the date of consolidation. Required: Complete the following worksheet to compute consolidated balances as of December 31, Year 5 Worksheet Entries Debit Credit Consolidated Totals $ $ P Books 610,000 385,000 135,000 360,000 Books 370,000 220,000 Revenues Expenses Investment Income Net Income $ $ 150,000 $ $ RE, 1/1 Net Income Dividends RE 12/31 1,235,000 360,000 90,000 1,505,000 610,000 150,000 5,000 755,000 $ $ $ $ 515,000 Current Assets Investment in Sub 1,050,000 955,000 400,000 Copyrights Royalty Agreements 460,000 920,000 440,000 Total Assets $ 3,385,000 $ 1,355,000 $ Liabilities Common Stock Add'l Pd-In Capital RE 12/31 Total Liab & SE $ 780,000 800,000 300,000 1,505,000 $ 3,385,000 470,000 100,000 30,000 755,000 1,355,000 $