Assume that on January 1, 2020, Buraimi Company acquired 80% (8,000 shares) of the stock of Sohar Company for $296,000. What ?journal entry would Buraimi Company make to record the shares of Sohar Company acquired :The balance sheets of both companies immediately after the acquisition of shares are as follows Sohar Buraimi Balance Sheet Company Company 80,000 $ 104,000 $ Cash 200,000 560,000 Other current assets 160,000 480,000 Plant and equipment 80,000 160,000 Land 296,000 Investment in Sohar (IV>BV) Difference 520,000 $ 1,600,000 $ $ Total assets 200,000 $ 240,000 $ Liabilities 200,000 800,000 Common stock 40,000 160,000 80,000 400,000 Other Contributed capital Retained earnings Noncontrolling interest Total Liab, and Equity 520,000 $ 1,600,000 $ Computation and Allocation of Difference between Implied and Book Values 20% 80% Total Non-controlling Parent Share Share Value Purchase price and implied value Less: Book value of equity acquired Common stock Other contributed capital Retained earnings Total book value Difference between implied and book value Land revaluation (mark to market) Balance :The workpaper to consolidate the balance sheets for P and Son Jan. 1, 2013, date of acquisition, is presented below Consolidated Eliminations Balances Credit Debit Balance Sheet Sohar Buraimi Company Company Cash Other current assets Plant and equipment Land Investment in Sohar Difference (IV>BV) Total assets Liabilities Common stock Other Contributed capital Retained earnings Noncontrolling interest Total Liab, and Equity Write all the required journal entries