On January $2,2020,$ I vanhoe Company acquired $90\%$ of the outstanding common stock of Sheridan Company for $$603,000$ cash. Just

before the acquisition, the balance sheets of the two companies were as follows:

The fair values of Sheridan's assets and liabilities are equal to their book values with the exception of land.

$($a$)$

Prepare the journal entry necessary to record the purchase of Sheridan's common stock. $($Credit accoumt titles are automotically

indented when the amount is entered. Do not indent manully. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the

amounts List debitentry before credit emry.$)$

Account Titles and Explanation