On January 2, 2014, Prunce Company acquired 90% of the outstanding common stock of Sun Company for $192,000 cash. Just prior to the acquisition, the balance sheets of the two companies were as follows: Cash Accounts receivable (net) Inventory Plant and equipment (net) Land Total assets Prunce 260,000 142,000 117,000 386,000 63,000 968,000 Sun 64,000 23,000 54,000 98,000 32,000 271,000 Accounts payable Mortgage payable Common stock, $2 par value Other contributed capital Retained earnings Total liabilities and equities 104,000 72,000 400,000 208,000 184,000 968,000 47.000 39,000 70,000 20,000 95,000 271,0001 The fair values of Sun Company's assets and liabilities are equal to their book values with the exception of land. (assume land makes up the entire difference between the implied value and the book value of Sun) Required: A. Prepare the journal entry on Prunce Company's books to record the purchase of Sun Company's common stock. B. Prepare a Computation and Allocation Schedule for the difference between book value and value implied by the purchase price and the eliminating entries. C. Prepare the consolidation worksheet as of the acquisition date. B. Prepare a Computation and Allocation Schedule for the difference between book value and value implied by the purchase price. Parent Noncontrolling Total Value % Purchase price and implied value Less: Book value of subsidiary equity Common stock Other contributed capital Retained earnings Total book value Difference btwn implied and book Allocation to adjust Land to Fair Value Balance C. Prepare the consolidation worksheet as of the acquisition date. Eliminating Entries Dr. Cr. Prunee Sun Consolidated Cash Accounts receivable (net) Inventory Plant and equipment (net) Land Investment in Sun Difference btwn implied and book Total assets Accounts payable Mortgage payable Non-controlling interest Common stock Prunce Sun Other contributed capital Prunce Sun Retained earnings Prunce Sun Total liabilities and equity