Consolidated Balance Sheet Working Paper, Bargain Gain, Special Issues Packard Industries acquires all of the stock of Steamobile Company for $10 million in cash, and reports the acquisition as a stock acquisition on its own books. The balance sheet accounts of Packard and Steamobile, immediately prior to the acquisition, are as follows (in thousands) Packard Steamobile Book Value Book Value Fair Value on thousands) Dr(Cr) Dr (Cr) Dr (Cr) Current assets $17,500 $2,500 $1,500 Fixed assets 250,000 75,000 70,000 Accumulated depreciation (0.000) (20,000) Goodwill 17.500 Liabilities Capital stock (107,500) (0,000) (60,500) (45,0000 (17,500) Retained earnings (5.250) 2.900 Accumulated other comprehensive income 250 50 (400 10 Total Steamobile has previously unreported identifiable intangibles with a faig value of $3 million that are separately capitalized per ASC Topic 105 a. Prepare a schedule calculating the excess of Steamobile's book value over acquisition cost, its allocation to Steamobile's identifiable net assets, and the amount of the bargain gain When appropriate, use negative signs with your excess of fair value over book value answers (left column only) Do not use negative signs with answers in the right column. Enter answers in thousands. Acquisition cost GP's book value Excess of acquisition cost over book value Excess of fair value over book value MacBook Air. Acquisition cost GP's book value Excess of acquisition cost over book value Excess of fair value over book value Current assets Fxed assets, net identifiable intangibles Goodwill Liabilities Bargain gain b. Prepare a consolidation working paper to consolidate Packard and Steamobile at the date of acquisition Use negative signs with your credit balance answers in the Dr (Cr) columns. Enter answers in thousands. in thousands) Current assets Fond assets Accumulated depreciation Investment in Steamobile Identifiable intangibles Goodwil Labilities Capital stock Retained earning Consolidation Working Paper Accounts Taken From Books Eliminations Packard Dr (Cr) Steammobile Dr (C) Debit Credit OPD Consolidated Balances Dr (Cr) BE) BE BE MacBook Air on thousandsy Current assets Fixed assets Accumulated depreciation Investment in Steamobile Identifiable intangibles Goodwill Liabilities Capital stock Retained earnings AOCI Total Dr (Cr) Dr (Cr) S Debit Credit Dr (Cr) (R$ (R) (R) (R) (R) (E) (R) (R) (R) (E) (0) (0) S c. Prepare the consolidated balance sheet at the date of acquisition. Do not use negative signs with any of your answers below. Enter answers in thousands Assets Current assets Foxed assets, net Identifiable intangibles Total assets Packard and Subsidiary Consolidated Balance Sheet Date of Acquisition Liabilities Liabilities Shareholders' equity Capital stock Retained earnings Accumulated other comp, loss Total shareholders equity Total liabilines and equity $