Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $93,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Assets Pencil Company Book Value $ 213,000 403,000 $ 616,000 $ 98,000 283,000 235,000 $ 616,000 Total Assets Liabilities and Stockholders' Equity Fair Value $ 213,000 403,000 PENCIL COMPANY AND SUBSIDIARY Consolidated Balance Sheet January 2, 20X3 Total Liabilities and Stockholders' Equity 98,000 Required: Prepare a consolidated balance sheet immediately following the acquisition. Stylus Corporation Book Value $ 62,000 133,000 $ 195,000 $ 78,000 62,000 55,000 $ 195,000 Fair Value $ 62,000 133,000 78,000
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2,203, for $93,600 cash. Summarized balance sheet data for the companies on December 31,20X2 follow: Required: Prepare a consolidated balance sheet immediately following the acquistion 
