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Exercise 3.7 (Algo) Subsidiary Acquired for Cash LO 3.5 Penci Compary acquired 80 percent of Stylus Corporation's stock on Janusy 2, 20x3, for $88,800 caph.

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Exercise 3.7 (Algo) Subsidiary Acquired for Cash LO 3.5 Penci Compary acquired 80 percent of Stylus Corporation's stock on Janusy 2, 20x3, for $88,800 caph. Sunimarized balance sheet data for the companies on December 31,202, follow: Required: Prepare a consolidated balance sheet immediately following the acquistion. Exercise 3.7 (Algo) Subsidiary Acquired for Cash LO 3.5 Penci Compary acquired 80 percent of Stylus Corporation's stock on Janusy 2, 20x3, for $88,800 caph. Sunimarized balance sheet data for the companies on December 31,202, follow: Required: Prepare a consolidated balance sheet immediately following the acquistion

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