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.) On January 2,2020 , Sweet Acacia Company acquired 90% of the outstanding common stock of Indigo Company for $567,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows: The fair values of Indigo's assets and liabilities are equal to their book values with the exception of land. SWEET ACACIA COMPANY AND SUBSIDIARY Consolidated Balance Sheet Assets $ Liabilities and Stockholders' Equity $