P 3-2 Allocation schedule for fair valuelhook value differential and consolidated bal- ance sheet at acquisition Par Corporation acquired 70 percent of the outstanding common stock of Set Corporation on January 1, 2011, for $700,000 cash. Immediately after this acquisition, the balance sheet information for the two companies was as follows (in thousands): Set Par Book Value Book Value Fair Value Assets Cash $ 140 $ 80 $ 80 Receivablesnet 320 120 120 Inventories 280 120 200 Land 400 200 240 Buildingsnet 440 280 360 Equipmentnet 320 160 120 Investment in Set 700 L Total assets $2,600 m $1,120 Liabilities and Stockhafders ' Equity Accounts payable :5 360 $320 $ 320 Other liabilities 40 200 160 Capital stock, $20 par 2.000 400 Retained earnings 200 Total equities $2,600 52 H E l] U I R E D 1. Prepare a schedule to assign the difference between the fair value of the investment in Set and the book value of the interest to identiable and unidentifiable net assets. 2. Prepare a consolidated balance sheet for Par Corporation and Subsidiary at January 1, 2011