TUDIN #2 2016 for company purchased 80% of the outstanding common stock of S Company on January 2, 2016, for $380,000. Balance sheets for P Company and follows: ce sheets for P Company and S Company immediately after the stock acquisition were as Current assets Investment in S Company Plant and equipment (net) Land P Company $ 166,000 380,000 560,000 40,000 $1,146,000 S Company $ 96,000 -0- 224.000 120,000 $440,000 Current liabilities Long-term notes payable Common stock Other contributed capital Retained earnings $ 120,000 -0- 480,000 244,000 302.000 $1.146.000 $ 44,000 36,000 160,000 64,000 136,000 $440,000 S Company owed P Company $16,000 on open account on the date of acquisition Required: Prepare a consolidated balance sheet for P and Companies on the date of acquisition. Any difference between the value implied by the purchase price of the investment and the book value of net assets acquired relates to subsidiary land. The book values of S Company's other assets and liabilities are equal to their fair values. 20