Consolidation Working Paper, Date of Acquisition On July $1,2023,$ Petra Foods acquired $75$ percent of the common stock of Schmidt Confections. The $$1\mathrm{.}2$ billion purchase price was paid in cash. The acquisition entry is reflected below in the two companies' balance sheets just after the acquisition.

$\backslash$table$[[$Balance Sheets at July $1,2023,$Petra,Schmidt$],[,\backslash$table$[[$$$1,500$