Acquisition cost, goodwill, consolidation working paper, date of acquisition Penny Corporation purchased 60% of the shares of Silver Company for $150,000 in cash. Accounting and legal costs connected with the acquisition were $1,500, paid in cash. The acquisition also includes an earnout, currently valued at $6,000. At the date of acquisition, the fair value of Silver's plant and equipment was $300,000 less than carrying value. However, Silver had $350,000 in identifiable intangible assets, unreported on its balance sheet but meeting the criteria for capitalization as part of the acquisition. The trial balances of Penny and Silver immediately following the acquisition appear below. The fair value of the noncontrolling interest was $85,000 at the date of acquisition. Required a. Calculate the goodwill reported for this acquisition. b. Prepare a working paper to consolidate the trial balances of Penny and Silver at the date of acquisition