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Exercise 3-3 On January 2, 2014, Prunce Company acquired 90% of the outstanding common stock of Sun Company for $182,500 cash. Just before the acquisition, the balance sheets of the two companies were as follows: Cash Accounts receivable (net) Inventory Plant and equipment (net) Land Total asset Prunce $254,840 149,200 121,590 357,730 65,460 $948,820 Sun $ 65,670 24,910 52,130 95,160 32,240 $270,110 Accounts payable Mortgage payable Common stock, $2 par value Other contributed capital Retained earnings Total equities $102,620 | $ 46,050 72,680 37,430 397,800 64,820 216,180 18,660 159,540 103,150 $948,820 $270,110 The fair values of Sun Company's assets and liabilities are equal to their book values with the exception of land. (a) Prepare a journal entry to record the purchase of Sun Company's common stock. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Payable Accounts Receivable Acquisition Costs Payable Acquisition Expense Additional Paid-in Capital Bonds Payable Buildings Cash Common Stock Deferred Acquisition Charges Deferred Tax Asset Deferred Tax Liability Difference Between Implied And Book Value Discount on Bonds Payable Gain on Purchase of Business - Pool Goodwill Income Tax Payable Interest Receivable from Subsidiary Inventory Investment in Rent.com Investment in Rob Co. Investment in Sara Co. Investment in Save Investment in Seely Company Investment in Shah Company Investment in Shipley Company Investment in Shy Inc. Investment in Spruce Company Investment in Starless Company Investment in Sun Company Investment in Swartz Company Land Long-term Receivable from Subsidiary Merchandise Inventory Mortgage Payable No Entry Noncontrolling Interest Notes Payable Notes Receivable Other Contributed Capital Patents Plant and Equipment Premium on Bonds Payable Prepaid Insurance Retained Earnings Treasury Stock