$($a$)$ Prepare the journal entry or entries ITI makes to record the acquisition on its own books $($in millions and enter all decimal places$).$

$\backslash$table$[[$General Journal$],[$Description$,,$Debit,Credit$],[$Investment in GOC,,$0\backslash$times $,0],[$Merger expenses,ov$,0\backslash$times $,0],[$Common stock,,$0,0\backslash$times $],[$Additional paid$-$in capital,,$0,0$x$],[$Contingent consideration liability,$\backslash$Delta x$,0,0$x$],[$Cash$,,0,0\backslash$times $]]$

$($b$)$ Prepare a working paper to consolidate the balance sheets of ITI and GOC at June $30,2010.$

Enter answers in millions and enter all decimal places. Remember to use negative signs with your credit balance answers in the Dr $($Cr$)$ columns.International Technology Inc. $($ITI$)$ acquires all of the voting stock of Global Outsourcing Corporation $($GOC$)$ on June $30,2010.$ Amounts paid are as follows $($in millions$)$:

Cash consideration to the former shareholders of GOC $$70$

$1,200,000$ shares of new $$1\mathrm{.}5$ par common stock issued $30$

Registration fees on new stock issued, paid in cash $2$

Outside legal and advisory services, paid in cash $5$

Fair value of earnings contingency $1$Consolidation Working Paper, Identifiable Intangibles, Goodwill

International Technology Inc. $($ITI$)$ acquires all of the voting stock of Global Outsourcing Corporation $($GOC$)$ on June $30,2010.$ Amounts paid are as follows $($in millions$)$:

The intangible assets reported above consist of patents and trademarks. GOC also has the following previously unreported intangible assets that meet ASC Topic $805$ requirements for asset restion