4110.2

Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $97,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil compan Stylus Corporation Book Value Fair Value Book Value $203,000 409,000 $612,000 $83,000 296,000 233,000 $612,000 Fair Value $203,000 409,000 Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits $50,000 135,000 $185,000 $63,000 50,000 72,000 $185,000 $50,000 135,000 83,000 63,000 Required: Prepare a consolidated balance sheet immediately following the acquisition