Uni-Invest Ltd. holds commercial and residential real estate interests in Nova Scotia, New Brunswick, Prince Edward Island, Alberta, and British Columbia. On October 23, Year 10, Basic Realty Investment Corporation acquired 100% of the outstanding common shares of Uni-Invest Ltd. in exchange for 32,584,051 common shares of Basic.
At October 31, Year 9, Basic had 3,333,320 common shares and 6,000,001 Class C preferred shares issued and outstanding. Prior to the acquisition, the 6,000,001 Class C preferred shares were converted to common shares on a share for-share basis. Then, on October 23, Year 10, the 9,333,321 common shares were consolidated five for one to yield 1,866,664 common shares, with a carrying amount of $746 and a fair value of $2,024,845. Values for Basic's shareholders' equity are summarized as follows:

Details of the fair value excess for the assets acquired and liabilities assumed on the transaction are as follows:
Assets acquired
Property, plant & equipment ........ $4,632,398
Other assets ............... 271,436
4,903,834
Liabilities assumed
Long-term debt ............. 2,707,504
Other liabilities ............. 143,000
2,850,504
Fair value excess for net assets acquired .... $2,053,330
Required:
Based on this information, how should this investment be reported? More specifically, which company is the parent? Which is the subsidiary? Why? What earnings, and for what period, are reported in the consolidated financial statements for the year ended December 31, Year 10? Why?

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Capital shares issued Balance prior to investment in Uni-Invest Issued to effect investment on October 23, Year 10, Number of shares 1,866,664 32.584.051 Amount $ 746 33,236,248 net of costs of $84,177 Balance December 31, Year 10 34,450,715 $33,236,994