5.6 Consolidation Working Paper, Several Years Since Acquisition On January 1,2012, Prim L Valley Resorts acquired a 70 percent interest in Silverstem Casinos for $592 million in cash and stock. The following information is available at the date of acquisition (in millions): ...$580 233 100 Book value of Silverstem Casinos . Fair value of noncontrolling interest in Silverstem Casinos .. . Fair value of previously unrecorded identifiable intangibles The previously unrecorded identifiable intangibles have indefinite lives. In the years since this acqui- ition, intense competition and a declining economic outlook led to reduced projected for this property. Testing indicated impairment of the identifiable intangibles by a total of $40 million as of the end of 2019, and $10 impairment balance associated with this property has been written off prior to 2020. The December 31, 2020 trial balances of Prim Valley and Silverstem follow. Prim Valley uses the complete equity method to report 0 million additional impairment occurred in 2020. The entire goodwill the investment on its own books . Consolidated Financial Statements: Uutsue Dr (Cr) Prim Valley Silverstem (in millions) $ 1,400 $ 200 2,419 800 Current assets.... Land, buildings, riverboats and equipment, net. Intangible assets Investment in Silverstem Casinos . 17,844.7 2,500 398.3 (1,500) (14,000) (5,520) (900) 100 (6,600) (1,400) (1,000) (300) (2,600) (324) (300) Long-term liabilities Capital stock 2,200) Casino revenues. 200) Rooms revenues Equity in net loss of Silverstem Casinos . .. . Direct casino, food and beverage, rooms expenses General and administrative expenses Totals . . . . 1,800 1,000 7,200 1,400 Required a. Prerpare a schedule to calculate the 2020 e equity in net loss and the noncontrolling interest in the net loss of Silverstem Casinos Prepare a consolidation worksheet ley Resorts and Silverstem Casinos. b. to consolidate the December 31,2020 trial balances 2 P57 5.6 Consolidation Working Paper, Several Years Since Acquisition On January 1,2012, Prim L Valley Resorts acquired a 70 percent interest in Silverstem Casinos for $592 million in cash and stock. The following information is available at the date of acquisition (in millions): ...$580 233 100 Book value of Silverstem Casinos . Fair value of noncontrolling interest in Silverstem Casinos .. . Fair value of previously unrecorded identifiable intangibles The previously unrecorded identifiable intangibles have indefinite lives. In the years since this acqui- ition, intense competition and a declining economic outlook led to reduced projected for this property. Testing indicated impairment of the identifiable intangibles by a total of $40 million as of the end of 2019, and $10 impairment balance associated with this property has been written off prior to 2020. The December 31, 2020 trial balances of Prim Valley and Silverstem follow. Prim Valley uses the complete equity method to report 0 million additional impairment occurred in 2020. The entire goodwill the investment on its own books . Consolidated Financial Statements: Uutsue Dr (Cr) Prim Valley Silverstem (in millions) $ 1,400 $ 200 2,419 800 Current assets.... Land, buildings, riverboats and equipment, net. Intangible assets Investment in Silverstem Casinos . 17,844.7 2,500 398.3 (1,500) (14,000) (5,520) (900) 100 (6,600) (1,400) (1,000) (300) (2,600) (324) (300) Long-term liabilities Capital stock 2,200) Casino revenues. 200) Rooms revenues Equity in net loss of Silverstem Casinos . .. . Direct casino, food and beverage, rooms expenses General and administrative expenses Totals . . . . 1,800 1,000 7,200 1,400 Required a. Prerpare a schedule to calculate the 2020 e equity in net loss and the noncontrolling interest in the net loss of Silverstem Casinos Prepare a consolidation worksheet ley Resorts and Silverstem Casinos. b. to consolidate the December 31,2020 trial balances 2 P57