The separate condensed balance sheets and income statements of Purl Corp. and its wholly-owned subsidiary, Scott Corp., are as follows: Assets Current assets Balance Sheets December 31, Year 1 Purl Scott Cash Accounts receivable (net) Inventories Total current assets Property, plant, and equipment (net) Investment in Scott (equity method) Total assets $ $80,000 $$60,000 140,000 25,000 90,000 50,000 310,000 135,000 625,000 280,000 400,000 $1,335,000 $415,000