Sub Co. Sub Co Book Value Fair Valu 500,000 400.000 100.000 250,000 100,000 (50,000) 300,000 10. On December 31, 2020, Parent Co acquired all of the assets and liabilities of Sub Co in a statutory merger. Parent Co paid $400,000 in cash along Sales with 15,000 shares with a par value of $1 and a Expenses current fair value of $10 per share. There were Net Income $10,000 in legal fees paid in connection to the acquisition and $1,000 paid in connection to issuing RE, Jan! new common shares. Sub Co.'s financials prior to Net Income acquisition along with their fair value are listed to Dividends Paid the left. RE, Dec 31 a. Prepare all entries required to be entered Current Assets by Parent Co. in connection to this Land acquisition Building (net) Patent b. Assume the same facts as in part 2, except that the purchase price was only the Equipment (net) $400,000 in cash. Prepare all entries Total Assets required to be entered by Parent Co in connection to this acquisition Liabilities Common Stock APIC RE Dec 31 Total Liab & SE 50.000 200,000 100,000 50,000 225,000 125.000 50,000 110,000 100,000 450.000 60.000 50,000 10,000 90.000 300,000 450,000