Q1 The following balance sheets have been prepared on the date of acquisition: Assets Glass Plastic Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets. $540,000 50,000 50,000 230,000 $870,000 $ 20,000 70,000 100,000 270,000 $460,000 $140,000 250,000 $ 80,000 100,000 Liabilities and Equity Current liabilities .. Bonds payable Stockholders' equity: Common stock ($ 100 par). Retained earnings ... Total liabilities and equity 200,000 280,000 $870,000 150,000 130,000 $460,000 Assume that 80%of the outstanding stock of Plastic Company is purchased from the for- mer stockholders for a total of $530,000. a. Prepare the entry that Glass Company would make to record the purchase. b. State how the investment would appear on Glass's unconsolidated balance sheet prepared immediately after the purchase. c. Indicate how the consolidated balance sheet would appear