Sta On January 1, 2011, Pai, a U.S. firm, purchases all the outstanding capital stock of Sta, a British firm, for $990,000, when the exchange rate for British pounds is $1.65. The book values of Sta's assets and liabilities are equal to fair values on this date, except for land that has a fair value of 200,000 and equipment with a fair value of 100,000 Summarized balance sheet information for Pai in U.S. dollars and for Sta in pounds just before the business com- bination is as follows: Pai Current assets $3,000,000 100,000 Land 800,000 100,000 Buildings--net 1.200,000 250.000 Equipment-net 1,000,000 50,000 $6,000.000 500,000 Current liabilities $600,000 50,000 Notes payable 1.000.000 150.000 Capital stock 3,000,000 200.000 Retained earnings 1,400,000 100.000 $6,000,000 500,000 REQUIRED: Prepare a consolidated balance sheet for Pai and Subsidiary at January 1, 2011, immediately after the business combination