ws Co. acquired all of the common stock of Jackson Co. on January 1,2010. As of that date, Jackson Debit oCredit 50,000 40,000 Accounts payable Accounts receivable Additional paid -in capital Buildingsnet (20 -year life) Cash and short -term investments Common stock Equipmentnet (8-year life) Inventory Land Long -term liabilities (mature 12/31/12) Retained earnings, 1/1/10 Supplies Totals 60,000- 60,000 70,000 300,000 240,000 110,000 90,000 180,000 120,000 20,000