Help me Fix the errors in red K Company purchased $80\%$ of the outstanding common stock of $5$ Company on January $2,2020,$ for $$390,000.$ Balance sheets for K

Company and $5$ Company immediately after the stock acquisition were as follows:

S Company owed K Company $$18,000$ on open account on the date of acquisition.

Prepare a consolidated balance sheet for $K$ and $S$ Companies on the date of acquisition. Any difference between the value implied by

the purchase price of the investment and the book value of net assets acquired relates to subsidiary land. The book values of $S$

Company's other assets and liabilities are equal to their fair values. $($List assets in order of liquidity.$)$ K COMPANY AND SUBSIDIARY

Consolidated Balance Sheet

January $2,2020$

Assets

Plant and Equipment $($net$)$

$

Liabilities and Stockholders' Equity

$

Long$-$term Notes Payable

Common Stock

Other Contributed Capital

Retained Earnings

Noncontrolling Interest

Total Liabilities and Stockholder's Equity

$