On January 2, 2020, Novak Company acquired 90\% of the outstanding common stock of Pharoah Company for $585,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows: Prepare the journal entry necessary to record the purchase of Smithwick's common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) List of Accounts Prepare a consolidated balance sheet at the date of acquisition. (List assets in order of liquidity. Round answers to 0 decimal places, eg. 125.) Prepare the journal entry necessary to record the purchase of Smithwick's common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 fo the amounts. List debit entry before credit entry.) Liabilities and Stockholders' Equity eTextbook and Media List of Accounts Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Assets Current Liabilities Intangible Assets Liabilities Long-term Investments Property, Plant, and Equipment Stockholder's Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholder's Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant, and Equipment Total Stockholder's Equity On January 2, 2020, Novak Company acquired 90\% of the outstanding common stock of Pharoah Company for $585,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows: Prepare the journal entry necessary to record the purchase of Smithwick's common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) List of Accounts Prepare a consolidated balance sheet at the date of acquisition. (List assets in order of liquidity. Round answers to 0 decimal places, eg. 125.) Prepare the journal entry necessary to record the purchase of Smithwick's common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 fo the amounts. List debit entry before credit entry.) Liabilities and Stockholders' Equity eTextbook and Media List of Accounts Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Assets Current Liabilities Intangible Assets Liabilities Long-term Investments Property, Plant, and Equipment Stockholder's Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholder's Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant, and Equipment Total Stockholder's Equity