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On January 1, 2008, Parchment Co. owned 85% of the common stock of Fancy Co.  On that date, Fancy 's stockholders' equity accounts had the balances that is given belo:

Common stock ($5 Par value)       $250,000
Additional paid in capital                 105,000
Retained Earnings                         315,000
Total Stockholders' Equity            $670,000

Balance in Parchment's Investment in Fancy Co. account was $642,500. On January 1, 2008, Fancy Co. sold 10,000 shares of earlier unissued common stock for $15 per share.  Parchment obtained 1,000 of these shares.

Create the entry Parchment requires to make and find out the balance in Parchment's investment in Fancy account.

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