a. determine the fiarvalue in excess of book calue for Prestige's acquisiton date investment in Stylene.

b. determine prestige's December 31, 2021, investment in stylene balance.

c. prepare a worksheet to determine the balance for prestige's December 31, 2021 consolidated financial statement.

On January 1, 2020. Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,281,500 in cash and securities, On the acquisition date, Stylene had the following balance sheet Accounts payable # 1,641,600 Cash Accounts receivable Inventory Equipment (net) Track Total sets 40.600 124,000 141,000 1,990,000 1.000.000 3,335,600 Comon stock Retained earning Total liabilities and 300.000 896,000 $ 3,335,600 At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Reset Equipment Customer lista Trademarks Book Value 31.990,000 Tair Value $2.145,000 196,000 1.121.500 Remaining tueful Life years 4 years indefinite 1.040.000 During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent 2020 2031 Mes The Dividende $ 217,000 $25,000 392.000 45,000 Dividends are declared and paid in the same period. The December 31, 2021. separate financial statements for each company follow Parentheses indicate credit balances Prestige Style Income Statement $12.914,000) 2,060,000 $ 14,360,000) 2,380,000 564,000 135.000 (333.625) 5 (1,624,525) Cost of wood old Depreciation expense Mortivation expense Equity earning in the Het in Batament of Retained Earnings Metained earnings 1/1 Het Lee (above) Dividende delared Retained earnings 12/31 . $ 1392.0001 (9,410,000) 11,634,625) 150.000 $14.964,6253 31.086,0061 (392,000) 45,000 01.033.000 . . 48.000 H02.600 Cash A receivable Twentory Invest I Style bit 49,500 17.000 499.000 2.199,000 . 36,000 2.683,750 6,130.000 141.000 3.300.000 262.000 14,177,50 11,313,13 18.500.000) 15,064,635 (18727.10 Tran Condit Total At payable But warning: 11/31 Total time and wait #),600,500 (1.000 13,000) 10.500.500) Determine the fair value in excess of book value for Prestige acquisition date investment in Stylene c. Pre Workshoot to determine the balances for Prestige December 32021, consolidated ninancial statements On January 1, 2020. Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,281.500 in cash and securities. On the acquisition date, Stylene had the following balance sheet: Accounts payable $ 1,641,600 Cash Accounts receivable Inventory Equipment (net) Trademarks Total assets 5 40,600 124.000 141.000 1.990,000 1.040,000 $ 3,935,600 Common stock Retained earnings Total liabilities and equity 300,000 894.000 $ 3,235,600 At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: sining Asset Book Valge Fair Value theful Life Equipment $1,990,000 $2,145,000 2 years Customer liat 196,000 4 years Trademarks 1,040,000 1.121,500 Indefinite 0 During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent 2020 2021 Set Tacone Dividends $ 217,000 $ 25,000 392,000 45,000 Dividends are declared and paid in the same period. The December 31, 2021, separate financial statements for each company follow. Parentheses indicate credit balances. Prestige stylene Income statement Revenues Coat of goods sold Depreciation expense Amortization expense Equity earnings in Stylene Net Income Statement of Retained Earnings Retained earnings 1/1 Net Income (above) Dividende declared Retained earnings 12/31 Balance sheet $ 14,360,000) 2,380,000 564,000 135,000 (323,625) 5 (1.624,625) $(2,914,000) 2,060,000 462.000 0 $(392,000) $ 3,490,000) (1.624.625) 350.000 5 (4.964,6251 5(1.085.000) (92.000) 45.000 5(1.433,000) Cash $ $9.500 77.000 470.000 2.100.000 936,000 Accounts receivable Inventory Investment in Stylene Equipment Customer liste Trademark Goodwill Total anset Acounts payable Como tock Betained earnings, 12/31 Total liabilities and equity 5 488,000 802,000 291,000 2,683,250 6,120,000 141,000 3,390,000 262.000 $14.777.350 (1.313,125) (8,500,000) (4.966,625) 5014,777,750) $ 3.660,500 $(1.407.500) 1800,000 (3.433.000 $3.560, 500) On January 1, 2020. Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,281,500 In cash and securities on the acquisition date, Stylene had the following balance sheet: Accounts payable $ 1,641,600 Cash Accounts receivable Inventory Equipment (net) Trademarks $ 40,600 124,000 141.000 1,990,000 1,040.000 $ 3,335.600 Common stock Retained earnings Total Ilabilities and equity 800,000 894,000 $ 3,335,600 Total asset At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Asset Equipment Customer linta Trademark Book Value $1,990,000 1,040,000 Fair value $2.145,000 196,000 1.121.500 Remaining Useful Lite 8 years 4 years indefinite During the next two years. Stylene has the following income and dividends in its own separately prepared financial reports to its parent 2020 2021 et tneon Dividenda 1917,000 $ 25,000 392,000 45,000 Dividends are declared and paid in the same period. The December 31, 2021, separate financial statements for each company follow. Parentheses indicate credit balances Dividends are declared and paid in the same period. The December 31, 2021, separate financial statements for each company follow Parentheses indicate credit balances Prestige Stylene $ (4,360,000) 2,380,000 544,000 135.000 (323,625) $ (1.624,625) $12,914,000) 2,060,000 462,000 0 0 $ (392,000) $ 3,490,000) (1,624, 625) 150,000 (4,964,625) $11,086,000) (392,000) 45,000 $(1,433,000) Income Statement Revenues Coat of goods wold Depreciation expense Amortization expense Equity earnings in Stylene Net income Statement of Retained Warnings Retained earnings 1/1 Net Income (above) Dividends declared Retained earnings 12/31 Balance sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer lista Trademark Goodwill Total Assets ncounts payable Canon stock Retained earnings, 12/31 Total llabilities and equity 5 488,000 802,000 891,000 2,683,750 6,120,000 141,000 3,390,000 262,000 $ 14,777,750 5 (1,313,125) (8,500,000) 14,966,625) $(14,777,750) $ 49,500 77,000 478,000 0 2,100,000 0 936.000 0 $ 3,640, 500 5(1,407,900) (800,000) (1,433,000) 503,640,500) a. Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. b. Determine Prestige's December 31, 2021, Investment in Stylene balance. c. Prepare a worksheet to determine the balances for Prestige's December 31, 2021, consolidated financial statements