Question2 Parent and Sub Inc. had the following balance sheets on December 31, 2019: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent Sub $60,000 $10,000 $100,000 $60,000 $160,000 $70,000 $ 42,000 $35,000 $ 20,000 $12,000 $ 90,000 $12,000 $8,000 $11,000 $160,000 $70,000 On January 1, 2020, Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: