Pascal Corporation Paid $225,000 for a 70% Interest in Sank

Pascal Corporation paid $225,000 for a 70% interest in Sank Corporation on January 1,2014.On that date,Sank's balance sheet accounts,at book value and fair value,were as follows:
Assets
$$\begin{array} { l l l } \text { Cash } & \$ 25,000 & \$ 25,000 \\\text { Accounts receivable-net } & 45,000 & 55,000 \\\text { Inventories } & 40,000 & 60,000 \\\text { Plant, property and equipment-net } & \underline { 140,000 } & \underline { 125,000 } \\\text { Total assets } & \underline { \$ 250,000 } & \underline { \$ 265,000}\end{array}$$ Equities
$$\begin{array} { l l } \text { Accounts payable } & \$ 40,000 &\$40,000\\\text { Common stock } & 120,000 \\\text { Retained earnings } & \$ 90,000 \\\text { Total liab. \& equity } & \$ 250,000\end{array}$$ Both companies use the parent company theory.Push-down accounting is used for the acquisition.
Required:
1.Prepare the journal entry on January 1,2014 on Sank Corporation's books.
2.Prepare a balance sheet for Sank Corporation immediately after the acquisition on January 1,2014.