Question $2$:

Parent Company acquired $90\%$ of Son Inc, on January $31,20$X$2$ in exchange for cash. The book value of Son's individual assets and liabilities approximated their acquisition$-$date fair values. On the date of acquisition, Son reported the following:

$\backslash$table$[[$Cash$,$$$,350,000,$Current Liabilities,$$,120,000],[$Inventory$,,100,000,,,],[$Plant Assets $($net$),,320,000,$Common Stock,,$100,000],[$Property$,,500,000,$Retained Earnings,,$1,050,000$