Assume that the parent company acquires its subsidiary in a "nontaxable" transaction by exchanging $120,000$ shares of its $$1$ par value Common Stock, with a fair value on the acquisition date of $$30$ per share, for all of the outstanding voting shares of the investee. In its analysis of the investee company, the parent values all of the subsidiary$$s assets and liabilities at an amount equaling their book values except for PPE assets that are undervalued by $$1$ million, an unrecorded Customer List that the parent values at $$200,000,$ and an unrecorded Brand Name asset valued at $$500,000.$ And, finally, assume that the tax bases of the subsidiary$$s pre$-$acquisition identifiable net assets equal their book values. The parent company$$s effective tax rate is $35\%.$ a$.$ Prepare the journal entry that the parent makes to record the acquisition. b$.$ Given the following acquisition$-$date balance sheets for the parent and its subsidiary, prepare the consolidation spreadsheet. a$.$ Prepare the journal entry that the parent makes to record the acquisition. b$.$ Given the following acquisition$-$date balance sheets for the parent and its subsidiary, prepare the consolidation s