Use the following pre-acquisition financial statements to answer the following questions: Cash Land Total Assets Parent Company 60,000 40,000 100,000 Subsidiary Company 4,000 11,000 15,000 Accounts Payable Common Stock Retained Earnings Total Liabilities & Equity 70,000 10,000 20,000 100,000 5,000 2,000 8,000 15,000 1) Parent Company purchases 10% of the voting stock of Sub Company for $1,000 on 1/1/20. Sub Company shows net income of $500 for the year and pays dividends totaling $200 during the year. At 12/31/20, the fair value of the stock owned is determined to be $1,080. Prepare the journal entries that Parent Company would record with respect to this investment in 2020