Q2. On January 2, 2023, P Company acquired 80% of the outstanding common stock of S Company for $80,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows: Cash Acc. Rec. Goods Equipment Land Total Assets Acc. Pay. L/T Liab. Comm. Stock, $2 par PIC in excess of Par Ret. Earn. Tot. Liab. & O.E P 140,000 60,000 50,000 125,000 25,000 400,000 45,000 30,000 170,000 90,000 65,000 400,000 S 25,000 10,000 20,000 45,000 15,000 115,000 20,000 15,000 30,000 10,000 40,000 115,000 D Eliminations Consolidated Balance Sheet The fair values of S's; Goods $25,000, Equipment $60,000; liabilities are equal to their book values. Required: A. Prepare the journal entry necessary to record the purchase of S's common stock. B. Prepare a consolidated balance sheet.