• On January 2, 2004, 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: The fair values of Sun Company’s assets and liabilities are equal to their book values. Required: A. Prepare a journal entry to record the purchase of Sun Company’s common stock. B. Prepare the elimination entry(s) required for the preparation of a consolidated balance sheet work paper on the date of acquisition. C. Prepare a consolidated balance sheet at the date of acquisition.