Fineline Pencil Company acquired 80 percent of Smudge Eraser Corporation s
Fineline Pencil Company acquired 80 percent of Smudge Eraser Corporation’s stock on January 2, 20X3, for $72,000 cash. Summarized balance sheet data for the companies on December 31, 20X2, are as follows:


Required
Prepare a consolidated balance sheet immediately following theacquisition.
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