P has acquired 90% of the outstanding stock of S by paying $100 per share for 9,000 of the 10,000, $10 par common shares outstanding.

P has acquired 90% of the outstanding stock of S by paying $100 per share for 9,000 of the 10,000, $10 par common shares outstanding. The condensed balance sheet for S is shown below along with the market values for the assets and liabilities:Market Value60,00090,00090,000550,000 (Straight line 20 years)6 years7 Years)75,0005 Years)Prepare the C/E entry for the date of acquisition.