Question 1 (1 point) Saved Parent Company purchased Subsidiary Corporation's net assets on January 1, X1, for $250,000 cash. Summarized statement of financial position of Subsidiary before the acquisition is presented below. Subsidiary Assets Cash Other assets Total assets $150,000 125,000 $275,000 Liabilities and equity Current liabilities $165,000 Share capital Retained earnings Total liabilities and equity 60,000 50,000 $275,000 Fair values of Subsidiary were equal to book values except for buildings, which had a fair value of $100,000 in excess of net book value. What amount would Subsidiary Corporation report on January 1, X1, that is, following the acquisition, for Retained Earning