a,b, &c

On January 1, 2020, Prestige Corporation acquired 100 percent or the voting stock of Stylene Corporation in exchange for $2,356,000 in cash and securities. On the acquisition date, Stylene had the following balance sheet Accounts payable 1 1,073,200 Cash Accounts receivable Taventory Equipment (net) Trademarks Total assets 16,200 90,00 214,000 1,550,000 198,000 $ 2.797,200 Common stock 800,000 Metained earnings 924,000 Total liabilities and equity 3.202.200 At the acquisition date, the book values of Stylene's assets and babies were generally equivalent to their fel values except for the following assets: Book Valve $1,550,000 Remaining Useful Life # years Asset Equipoent Customer lists Trademarks Fair value 51.700, 261,000 90,000 4 years 9,000 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 Net Income 5 215.00 464,80 Dividends $25, 45,000 Dividends are declared and pald in the same period. The December 31, 2021, separate financial statements for each company follow. Parentheses Indicate credit balances Prestige Stylene $(2,984,980) 2,110,000 410,090 $ (5,280,000) 2,840,000 545, Bee 183,000 (404,000) $(2,116,000) $ (464,000) (3,410,000) (2,116,000) 150.000 $ (5,376,000) 5(1,115,000) (464,000) 45,000 5(1,534,000) Income Statement Revenues Cost of goods sold Depreciation expense Amortization expense Equity earnings in Stylene Net income Statement of Retained Earnings itetained earnings 1/1 Net Income (above) Dividends declared Retained earnings 12/31 Balance Sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer lists Trademarks Goodwill Total assets Accounts payable Common stock Retained earnings, 12/31 Total liabilities and equity $ 65,500 84,500 42,000 1,485.000 5 476,000 712,000 941,000 2,846,000 6,510.000 153.000 3,350,000 258.000 $ 15,346,000 $ (1,4/e,ce) (8,500,000) (5.376.000 5(1), 346,008) 920,000 0 $ 3,641,000 5 (207,00) (800,000) (2.56000) $6,041, vaa) 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. Fair value in excess of book value Required B On January 1, 2020, Prestige Corporation acquired 100 percent or the voting stock of Stylene Corporation in exchange for $2,356,000 in cash and securities. On the acquisition date, Stylene had the following balance sheet Accounts payable 1 1,073,200 Cash Accounts receivable Taventory Equipment (net) Trademarks Total assets 16,200 90,00 214,000 1,550,000 198,000 $ 2.797,200 Common stock 800,000 Metained earnings 924,000 Total liabilities and equity 3.202.200 At the acquisition date, the book values of Stylene's assets and babies were generally equivalent to their fel values except for the following assets: Book Valve $1,550,000 Remaining Useful Life # years Asset Equipoent Customer lists Trademarks Fair value 51.700, 261,000 90,000 4 years 9,000 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 Net Income 5 215.00 464,80 Dividends $25, 45,000 Dividends are declared and pald in the same period. The December 31, 2021, separate financial statements for each company follow. Parentheses Indicate credit balances Prestige Stylene $(2,984,980) 2,110,000 410,090 $ (5,280,000) 2,840,000 545, Bee 183,000 (404,000) $(2,116,000) $ (464,000) (3,410,000) (2,116,000) 150.000 $ (5,376,000) 5(1,115,000) (464,000) 45,000 5(1,534,000) Income Statement Revenues Cost of goods sold Depreciation expense Amortization expense Equity earnings in Stylene Net income Statement of Retained Earnings itetained earnings 1/1 Net Income (above) Dividends declared Retained earnings 12/31 Balance Sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer lists Trademarks Goodwill Total assets Accounts payable Common stock Retained earnings, 12/31 Total liabilities and equity $ 65,500 84,500 42,000 1,485.000 5 476,000 712,000 941,000 2,846,000 6,510.000 153.000 3,350,000 258.000 $ 15,346,000 $ (1,4/e,ce) (8,500,000) (5.376.000 5(1), 346,008) 920,000 0 $ 3,641,000 5 (207,00) (800,000) (2.56000) $6,041, vaa) 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. Fair value in excess of book value Required B