Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $95,200 cash....

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Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $95,200 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Book Value Cash Other Assets Total Debits $209,000 408,000 $617,000 Fair Value $209,000 408,000 Stylus Corporation Book Value Fair Value $ 56,000 135,000 $191,000 $ 56,000 135,000 Current Liabilities $ 92,000 92,000 $ 72,000 72,000 Common Stock 290,000 56,000 Retained Earnings 235,000 63,000 Total Credits $617,000 $191,000 Required: Prepare a consolidated balance sheet immediately following the acquisition. PENCIL COMPANY AND SUBSIDIARY Consolidated Balance Sheet January 2, 20X3 Assets Cash Other assets Total Assets Liabilities and Stockholders' Equity Current liabilities Common stock Retained earnings Noncontrolling interest in net assets of Stylus Total Liabilities and Stockholders' Equity Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $95,200 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Book Value Cash Other Assets Total Debits $209,000 408,000 $617,000 Fair Value $209,000 408,000 Stylus Corporation Book Value Fair Value $ 56,000 135,000 $191,000 $ 56,000 135,000 Current Liabilities $ 92,000 92,000 $ 72,000 72,000 Common Stock 290,000 56,000 Retained Earnings 235,000 63,000 Total Credits $617,000 $191,000 Required: Prepare a consolidated balance sheet immediately following the acquisition. PENCIL COMPANY AND SUBSIDIARY Consolidated Balance Sheet January 2, 20X3 Assets Cash Other assets Total Assets Liabilities and Stockholders' Equity Current liabilities Common stock Retained earnings Noncontrolling interest in net assets of Stylus Total Liabilities and Stockholders' Equity