Power Corporation acquired 70 percent of Silk Corporation's common stock on December 31, 20X2.Balance sheet data for the two companies immediately following the acquisition follow:

Power Silk Item Corporation Corporation Cash $ 44,000 $ 30,000 Accounts Receivable 110,000 45,000 Inventory 130,000 70,000 Land 80,000 25,000 Buildings & Equipment 500,000 400,000 Less: Accumulated Depreciation (223,000) (165,000) Investment in Silk Corporation Stock 150,500 Total Assets $ 791,500 $405,000 Accounts Payable $ 61,500 $ 28,000 Taxes Payable 95,000 37,000 Bonds Payable 280,000 200,000 Common Stock 150,000 50,000 Retained Earnings 205,000 90,000 Total Liabilities & Stockholders' Equity $ 791,500 $405,000