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On January 1, Year 7, the Large Company purchased 56,000 of the 80,000 ordinary shares of the Small Company for $75 per share. On that date, Small had ordinary shares of $3,200,000, and retained earnings of $1,800,000. When acquired, Small had inventories with fair values $50,000 less than carrying amount, a parcel of land with a fair value $200,000 greater than the carrying amount, All other identifiable assets and liabilities of Small had fair values equal to their carrying amounts. Small’s accumulated depreciation on the plant and equipment was $440,000 at the date of acquisition.

The year 11 financial statements for Large and Small were as follows:


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