Byte Computer Corporation acquired 75 percent of Nofail Software Companys stock on January 2, 20X3, by issuing

Byte Computer Corporation acquired 75 percent of Nofail Software Company’s stock on January 2, 20X3, by issuing bonds with a par value of $50,000 and a fair value of $67,500 in exchange for the shares. Summarized balance sheet data presented for the companies just before the acquisition are as follows:

Required
Prepare a consolidated balance sheet immediately following theacquisition.

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Byte Computer Corporation Nofail Software Company Book Value Fair Value Book Value Fair Value $50,000 120,000 Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits $200,000 400,000 $600,000 $200,000 400,000 $ 50,000 120,000 $170,000 $100,000 300,000 200,000 $600,000 $80,000 50,000 40,000 $170,000 100,000 80,000