Q$\mathrm{.}4$ On January $1,2023,$ Paradise Corporation exchanged $$3,200,000$ cash for $100$ percent of the outstanding voting stock of Sunrise Corporation. Paradise plans to maintain Sunrise as a wholly owned subsidiary with separate legal status and accounting information systems.

At the acquisition date, Paradise prepared the following fair$-$value allocation schedule:

Fair value of Sunrise $($consideration transferred$)........$ $$3,200,000$

Carrying amount acquired $........................2,600,000$

Excess fair value $...............................$ $ $600,000$

to buildings $($undervalued$)...................$$ $300,000$

to licensing agreements $($overvalued$)...........(100,000)200,000$

to goodwill $($indefinite life$)......................$ $ $400,000$

Immediately after closing the transaction, Paradise and Sunrise prepared the following post$-$acquisition balance sheets from their separate financial records.

Paradise Sunrise

Cash $............................$ $ $433,000$ $ $122,000$

Accounts receivable $...................1,210,000283,000$

Inventory $.........................1,235,000350,000$

Investment in Sunrise $...................3,200,0000$

Buildings $($net$)......................5,572,0001,845,000$

Licensing agreements $..................03,000,000$

Goodwill $..........................350,0000$

Total Assets $........................$ $ $12,000,000$ $ $5,600,000$

Accounts payable $......................(300,000)(375,000)$

Long$-$term debt $.......................(2,700,000)(2,625,000)$

Common stock $........................(3,000,000)(1,000,000)$

APIC $............................0(500,000)$

Retained earnings $.....................(6,000,000)(1,100,000)$

Total liabilities and equities $.............(12,000,000$ $$(5,600,000)$

Prepare a January $1,2023,$ consolidated balance sheet for Paradise Corporation and its subsidiary Sunrise Corporation.