6 Marks 3) On January 2, 2021, Pen Company acquired 90% of the outstanding common stock of Sun Company for 225,000 Cash. Just before the acquisition, the balance sheets of the two companies were as follows: Prunce (OMR) Sun (OMR) Cash 345,000 155,000 Accounts receivable (net). 105,000 123,000 Inventory 117,000 154,000 Plant and equipment (net) 455,000 198,000 Land 163,000 132,000 Total assets 1,185,000 762,000 Accounts payable 244,000 154,000 Mortgage payable 172,000 139,000 Common Stock, OMR 2 par value 400,000 170,000 Other contributed Capital 345,000 120,000 Retained earnings 24,000 179,000 Total equities 1,185,000 1,185,000 The fair value of sun company assets and liabilities are equal to their book values with the exception of land. Required: A. Prepare a journal entry to record the purchase of Sun Company common stock. B. Prepare a consolidated balance sheet at the date of acquisition.