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Peace Computer Corporation acquired 80 percent of Symbol Software Company's stock on January 2, 20X3, by issuing bonds with a par value of $76,100 and
Peace Computer Corporation acquired 80 percent of Symbol Software Company's stock on January 2, 20X3, by issuing bonds with a par value of $76,100 and a fair value of $93,600 in exchange for the shares. Summarized balance sheet data presented for the companies just before the acquisition follow: Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Peace Computer Corporation Book Value Fair Value $202,000 $202,000 418,000 418,000 $620,000 $ 94,000 94,000 288,000 238,000 $620,000 Symbol Software Company Book Value Fair Value $ 55,000 $ 55,000 136,000 136,000 $191,000 $ 74,000 74,000 55.000 62,000 $191,000 Required: Prepare a consolidated balance sheet immediately following the acquisition. PEACE COMPUTER CORPORATION AND SUBSIDIARY Consolidated Balance Sheet January 2, 20X3 Assets $ 0 Total Assets Liabilities and Stockholders' Equity 0
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