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Can anyone help me with this question? I'm having some difficulty. Global Car Corporation acquires off the stock of Parts Company and reports the acquisition

Can anyone help me with this question? I'm having some difficulty.

image text in transcribed Global Car Corporation acquires off the stock of Parts Company and reports the acquisition as a stock investment on its own books.The acquisition involves the following payments:Cash paid to Parts Company Shareholders$5,000,000Cash paid to consultants and lawyers1,200,000Fair value of new Global Car Corporation stock issued1000 SharesPar36,000,000Stock registration fees, paid in cash900,000Fair value of earnings contingency (If paid, will occur 3 years subsequent to acquisition)250,000Global CarCorporationParts CompanyBook Value Dr (Cr)Book Value Dr (Cr)Fair Value Dr (Cr)Current assets$30,000,00051,000,00051,200,000Fixed assets, net420,000,00027,000,00020,000,000Trademarks89,000,0003,400,0006,000,000Current liabilities(25,000,000)(400,000)(400,000)Long-term liabilities350,000,000)(26,000,000)(25,000,000)Common Stock, par value(8,000,000)(500,000)Additional paid-in capital(110,000,000)(8,500,000)Retained earnings(45,000,000)2,000,000Accumulated other comprehensive income(4,000,000)1,400,000Treasury stock3,000,000600,0005050In addition to the assets reported on Parts Company balance sheet, the following previously unreported intangible assets are identified.Note: Some of these intangibles may not be separately capitalized per ASC Topic 805.Fair ValueLicensing Agreements52,400,000Skilled Workforce15,000,000Order backlogs5,000,000Future synergies between Global Car Corporation and Parts Company supply chains1,600,000Required: You should use cell references in providing a number or preparing a calculations by referencing the data above. Prepare you answer in the solution area provided.A. Prepare a schedule calculating the excess of acquisition cost over Parts Company's book value, and its allocationto Parts Company's identifiable net assets and goodwill. There is an example of a table of this analysis on page 97.B. Prepare a working paper to consolidate the balance sheets of Global Car Corporation and Parts Company at the date of acquisition.Your working paper should be set up like Exhibit 3.3 and you need to designate the Eliminations R and E

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