c. Present the consolidated balance sheet at June 30,2024, and the consolidated statement of comprehensive income for 2024 . Do not use negative signs with your statement of comprehensive income answers. Consolidation Working Paper. Three years after acquisition International Technology inc-(IT) acquired all of the voting stock of Global Outsourcing Corporation (GOC) on june 30,2021 , for $110 million in cash and stock, plus an earnings contingency payable at the end of the third yesr with a fair value of $2 million at the date of acquisition, Within the measurement period, the earnings contingency declined to a fair value of zero and the acquisition price was appropriately adjusted. Both companies have a June 30 yearend. At June 30,2021, GOCS total shareholders equity was 540 million, as follows (in millions): At the acquisition date, GOCs inventories were undervalued by $5 million, its property, plant and equipment was overvalued by $60 million, its reported patents and trademarks were undervalued by $10 million, and its long-term debt was undervalued by $3 million. GOC also had previously unreported identifiable intangibles: $5 million of advanced technology and $25 million of customer lists. GOC reports its inventory using the LIFO method, and purchases exceed sales every year. The acquisition date remaining lives of its assets and liabilities are as follows: The straight-line method is used for limited-life assets. Impairment losses on the customer lists were $2million in fiscal 2023 and $4million in fiscal 2024 . Goodwill impairment losses were $2 million in fiscal 2022, $3 miltion in fiscal 2023, and 32 million in fiscal 2024. a. Prepare a schedule that computes the June 30,2024 , investment in GOC balance and 2024 equity in net income on ITI's books. - Use negative signs with your answers that reduce equity in net income and the investment balance. - Use a negative sign for equity in net loss answers. - Hint(s): Combine all identifiable intangible assets on the balance sheet. - Use a negative sign with your treasury stock answer. b. Use a working paper to consolidate the trial balances of ITI and GOC at June 30, 2024. GOC reported net income of $15 million in fiscal 2022, and a net loss of $2 million in fiscal 2023. Neither company pays dividends. ITi uses the complete equity method to account for its investment in GOC on its own books. The trial balances of ITl and GOC at June 30, 2024, are as follows