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ParCorp spent $720K to acquire all of ChiCorp's stock on January 1, 20X2, when ChiCorp's retained...

ParCorp spent $720K to acquire all of ChiCorp's stock on January 1, 20X2, when ChiCorp's retained earnings was $300K. Difference between the acquisition price and ChiCorp's underlying book value was attributed to buildings with a remaining economic life of 10 years from the date of acquisition. On December 31, 20X3, ParCorp reported Investment in sub of $756K, while ChiCorp reported common stock of $300K, retained earnings of $360K. Prepare the elimination entry in entry format for consolidation on Dec 31, 20X3.

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