on January 2, 2019, 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

Company and related expenses. pare the elimination entry required for the preparation of a consolidated balance sheet workpaper on the date of acquisition. EXERCISE 3-3 Consolidated Balance Sheet, Stock Purchase LO ZLO 8 on January 2, 2019, Prunce Company acquired 90% of the outstanding common stock of Sun Company for $192,0 ash. Just before the acquisition, the balance sheets of the two companies were as follows: Prunce Sun Cash $260,000 $ 64,000 Accounts receivable (net) 142,000 23,000 Inventory 117,000 54,000 Plant and equipment (net) 386,000 98,000 Land 63.000_32.000 Total asset $968,000 $271,000 Accounts payable $104,000 $ 47,000 Mortgage payable 72,000 39,000 Common stock, $2 par value 400,000 70,000 Other contributed capital 208,000 20,000 Retained earnings 184.000_95.000 Total equities $968,000 $271,000 The fair values of Sun Company's assets and liabilities are equal to their book values with the exception of lan Required: A. Prepare a journal entry to record the purchase of Sun Company's common stock. B. Prepare a consolidated balance sheet at the date of acquisition. EXERCISE 3-4 100 Durchnen nato of Artseitinnin 7 in