On January $1,2016,$ Parent Company acquired $100\%$ of the common stock of Subsidiary Company for $$750,000.$ On this date Subsidiary had total owners' equity of $$540,000.$

$$Any excess of cost over book value is attributable to land, undervalued $$10,000,$ and to goodwill.

During $2016$ and $2017,$ Parent has appropriately accounted for its investment in Subsidiary using the simple equity method.

On January $1,2017,$ Parent held merchandise acquired from Subsidiary for $$10,000.$ During $2017,$ Subsidiary sold merchandise to Parent for $$100,000,$ of which $$20,000$ is held by Parent on December $31,2017.$ Subsidiary's usual gross profit on affiliated sales is $40\%.$

On December $31,2017,$ Parent still owes Subsidiary $$20,000$ for merchandise acquired in December.

On January $1,2017,$ Parent sold to Subsidiary some equipment with a cost of $$50,000$ and a book value of $$20,000.$ The sales price was $$40,000.$ Subsidiary is depreciating the equipment over a five$-$year life, assuming no salvage value and using the straight$-$line method.

Required:

Complete the worksheet for consolidated financial statements for the year ended December $31,2017$