Q2 On December 31, 2016, Ali Corporation acquired 75% of interest in Baba Corporation at book value in cash. Separate balance sheets before acquisition are summarized as follows (in thousands): Ali Baba Assets Cash Accounts receivable Inventories Land Buildings-net Equipment-net $550 200 440 600 750 800 $3,340 $100 120 80 100 60 160 S620 Liabilities and Stockholder's Equity Accounts payable Common stock, S10 par Retained earnings $180 2.500 $120 300 200 S620 660 $3.340 Required: a. Prepare the entry to record the acquisition in Ali's book. b. Prepare the balance sheet of Ali and Baba immediately after the acquisition. C. Prepare the consolidated balance sheet immediately after the acquisition