Acquisition and Eliminating Entries, Bargain Purchases Publix Company acquired all of Sherman Companys common stock for $2,750 million cash; fees paid to an outside firm to estimate the earning power of Sherman and the fair value of its properties amounted to $40 million. Book value of Shermans net assets was $2,500 million. Book values of Shermans identifiable assets and liabilities approximated their fair values except as noted below:

(in millions)	Book Value	Fair Value
Inventories	1,500	1,600
Land	100	20
Other plant assets, net	800	1,050
Long-term debt	400	370

Required

a.) Record Publixs acquisition entry.

b.) Prepare the working paper eliminating entries necessary to prepare a consolidated balance sheet at the date of the acquisition