Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As of that date Clark has the following trial balance: Credit 500 Debit $ 600 900 1,600 1,000 900 Cash Accounts receivable Inventory Buildings (net) (5 year life) Equipment (net) (2 year life) Land Accounts payable Long-term Liabilities (due 12/31/22) Common stock Additional paid in capital Retained earnings Total $ 400 1,900 1,000 700 1,500 $5,500 $5,500 Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As of that date Clark has the following trial balance: Credit 500 Debit $ 600 900 1,600 1,000 900 Cash Accounts receivable Inventory Buildings (net) (5 year life) Equipment (net) (2 year life) Land Accounts payable Long-term Liabilities (due 12/31/22) Common stock Additional paid in capital Retained earnings Total $ 400 1,900 1,000 700 1,500 $5,500 $5,500