Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies' balance sheets as of December 31, 20X4, were as follows:

Punch Manufacturing Short corporation Retail Stores Assets Cash $ 55,393 $ 35,666 Accounts Receivable 161,666 61,666 Inventory 256,666 135,666 Land 65,666 65,666 Buildings and Equipment 526,666 356,666 Less: Accumulated Depreciation (256,666) (136,666) Investment in Short Retail Stores 136,666 Total Assets 5 66?,666 $ 536,666 Liabilities and Equity Accounts Payable $ 6?,666 $ 66,666 Bonds Payable 266,666 266,666 Preferred 5tock {$16 par value} 266,666 166,666 Common Stock: $16 par value 156,666 $5 par value 166,666 Retained Earnings 216,666 ?6,666 Total Liabilities and Equity $ 663,666 $ 536,666