ABC Inc. purchased all of the outstanding common shares of XYZ Inc. for \($100\) million cash. At the time of the acquisition, the fair value of XYZ was \($80\) million. Presented below are the condensed balance sheets for ABC and XYZ immediately prior to the acquisition:

Required
Prepare ABC’s

(a) unconsolidated balance sheet immediately after making the equity investment in XYZ and

(b) the consolidated balance sheet immediately following the acquisition.

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(in millions) Assets.. Liabilities.... Shareholders' equity Total ABC Inc. XYZ Inc. $150 $100 $ 30 $ 20 120 80 $150 $100