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Acquisition Data: The parent acquired $80\%$ of the subsidiary company on January $1^($st $)2021$ for $$1,04000$ and on that date the subsidiary company had stockholder's equity accounts equal to $375,000$ common stock, $250,000$ paid in capital and $475,000$ of retained earnings. On the acquisition date the subsidiary company's book values were equal to fair values for all items except for Equipment which was undervalued by $$100,000$ with a $5-$year service live and a patent valued at $$80,000$ with a $10-$year service life and the remaining value will be assigned to Goodwill. Intercompany Transactions: On January $1,2023$ the subsidiary company sold land to the parent company for $$300,000.$ On this date the land had a historical cost carried in the Subsidiary's PPE of $$195,000.$ The subsidiary regularly sells merchandise to the parent with a profit margin of $35\%$ of selling price. In $2024$ the intercompany sales amounted to $$350,000$ of which $$35,000$ remains in ending inventory as of $(12)/(31)()/(2024).$ There is $$50,000$ of intercompany receivabl$($e$)/($p$)$ayable that remains outstanding at $(12)/(31)()/(2024).$ Additionally, during $2023,$ the subsidiary sold $$301,000$ of merchandise to the sub of which $$75,000$ remained in ending inventory on$(12)/(31)()/(2023.)$ Finally, The Parent company issued $$1,000,000$ face value $6\%10-$year bonds to an unaffiliated party for $$1,150,000$ on $(1)/(1)()/(2020).$ On $(1)/(1)()/(2024)$ the Subsidiary company paid $$980,000$ to purchase all of the outstanding subsidiary company's bonds from $3^($rd $)$ parties. Financial Statements for each company as of$(12)/(31)()/(2024)$ are presented in the next tab.

Income Statement Sales $6,250,000925,000$ Cost of Goods Sold $4,195,000637,333$ Gross Profit $2,055,000287,667$ Operating Expenses $1,475,000214,500$ Bond Interest Income $63,333$ Bond Interest Expense $45,000$ Equity Income $79,667$ Net Income $614,667136,500$ Statement of Retained Earnings BOY Retained Earnings $5,127,000585,000$ Net Income $614,667136,500$ Dividends $150,00025,000$ Ending Retained Earnings $5,591,667696,500$ Balance Sheet Assets Cash $446,335339,750$ Accounts Receivable $1,200,000597,717$ Inventory $1,719,765170,000$ Equity Investment $1,125,467$ Investment in Bonds $($net$)983,333$ Land $1,250,000325,000$ PPE $($net$)12,547,500235,400$ Total Assets $18,289,0672,651,200$ Liabilities & Stockholder's Equity Accounts Payable $815,400396,700$ Other Current Liabilities $250,00080,000$ Bonds Payable $($net$)1,075,000$ Long$-$Term Liabilities $6,257,000853,000$ Common Stock $500,000375,000$ APIC $3,800,000250,000$ Retained Earnings $5,591,667696,500$ Total Liab. & Stockholder's Equity $18,289,0672,651,200$