EXERCISE 33 Consolidated Balance Sheet, Stock Purchase LO 7LO 8 On January 2, 2019, Prunce Company acquired 90% of the outstanding common stock of Sun Company for $192,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows: Prunce Sun Cash $260,000 $ 64,000 Accounts receivable (net) 142,000 23,000 Inventory 117,000 54,000 Plant and equipment (net) 386,000 98,000 Land 63,000 32,000 Total asset $968,000 $271,000 Accounts payable $104,000 $ 47,000 Mortgage payable 72,000 39,000 Common stock, $2 par value 400,000 70,000 Other contributed capital 208,000 20,000 Retained earnings 184,000 95,000 Total equities $968,000 $271,000 The fair values of Sun Company's assets and liabilities are equal to their book values with the exception of land. Required: Prepare a journal entry to record the purchase of Sun Company's common stock. Prepare a consolidated balance sheet at the date of acquisition.