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Problem 3-5 On January 1, 2014, Pat Company purchased 90% of the outstanding common stock of Solo Company for $231,500 cash. The balance sheet for Pat Company just before the acquisition of Solo Company stock, along with the consolidated balance sheet prepared at the date of acquisition, follows. Consolidated January 1, 2014 $356,700 341,500 Cash Accounts receivable Advances to Solo Company Inventory Plant and equipment Land Pat Company December 31, 2013 $546,400 274,300 10,000 374,600 633,800 343,100 $2,182,200 443,400 806,600 413,600 $2,361,800 Total $285,200 531,300 Accounts payable Long-term liabilities Noncontrolling interest in subsidiary Common stock Other contributed capital Retained earnings Total 878,900 294,900 191,900 $2,182,200 $393,100 600,000 3,000 878,900 294,900 191,900 $2,361,800 One week before the acquisition, Pat Company had advanced $10,000 to Solo Company. Solo Company had not yet recorded the transaction on the date of acquisition. In addition, on the date of acquisition, Solo Company owed Pat Company $4,000 for purchases of merchandise on account. The merchandise had been sold to outside parties prior to the date of acquisition. x Your answer is incorrect. Try again. Determine the amount of cash that appeared on Solo Company's balance sheet immediately prior to the acquisition of its stock by Pat Company. x Cash Click if you would like to Show Work for this question: Open Show Work

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