On January 1, 2011, Pin Corporation acquired a 90 percent interest in Set Corporation for $2,520,000. The book values and fair values of Set's assets and equities on this date are as follows (in thousands):

REQUIRED1. Prepare the journal entries on Set Corporation's books to push down the values reflected in the acquisition price under parent-company theory.2. Prepare the journal entries on Set Corporation's books to push down the values reflected in the acquisition price under entitytheory.

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Book Value Fair Value $ 200 $ 200 Cash 300 600 800 Accounts receivable-net 300 Inventories Land 500 300 1,000 Buildings-net Equipment-net 700 800 600 $2,800 $3,500 $ 550 $ 550 Accounts payable Other liabilities Capital stock Retained earnings 450 550 1.000 800 $2,800