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Pencil Company acquired 70 percent of Stylus Corporation's stock on January 2,203, for $75,600 cash. Summarized balance sheet data for the companies on December 31, 20x2, follow: Required: Prepare a consolidated balance sheet immediately following the acquisition. Pencil Company acquired 70 percent of Stylus Corporation's stock on January 2,203, for $75,600 cash. Summarized balance sheet data for the companies on December 31, 20x2, follow: Required: Prepare a consolidated balance sheet immediately following the acquisition
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