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, Shamrock Company acquired 90% of the outstanding common stock of Ivanhoe Company for $558,000 cash. Jus before the acquisition, the balance sheets of the two companies were as follows: The fair values of Ivanhoe's assets and liabilities are equal to their book values with the exception of land. Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity $