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Q1) On January 1, 2009, Parchment Co. owned 85% of common stock of Silky Co.  On that date, Silky's stockholders' equity accounts had given balances:

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 Silky Co. account was $642,500.  On January 1, 2009, Silky Co. sold 10,000 shares of previously unissued common stock for $15 per share. Parchment acquired 1,000 of these shares.

Make the entry Parchment needs to create and find out balance in Parchment's investment in Silky account.

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