Consolidated Balance Sheet Working Paper, Bargain Gain, Special Issues Packard Industries acquires all of the stock of Steamobile Company for $20 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	Steamoblie
	Book Value Dr (Cr)	Book Value Dr (Cr)	Fair Value Dr (Cr)
Current Assets	$35,000	$5,000	$3,000
Fixed Assets	500,000	150,000	140,000
Accumulated depreciation	(160,000)	(40,000)	--
Good will	--	35,000	--
Liabilities	(215,000)	(120,000)	(121,000)
Capital Stock	(90,000)	(35,000)
Retained earnings	(70,500)	5,800
Accumulated other comprehensive income	500	(800)
Total	$0	$0

Steamobile has previously unreported identifiable intangibles with a fair value of $6 million that are separately capitalized per ASC Topic 805.

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 your answers in the right column.

When appropriate, use negative signs with your excess of fair value over book value answers (left column only). Do not use negative signs with your answer in the right column.

Acquisition cost		?
Steamoblie book value		?
Excess of acquisition cost over book value		?
Excess of fair value over book value:		?
Current assets	?
Fixed assets, net	?
Identifable intangibles	?
Goodwill	?
Liabilities	?	?
Bargain gain		?

b. Prepare a consolidation working paper to consolidate Packard and Steamoblie at the date of acquisition

Remember to use negative signs with your credit balance answers in Dr (Cr) columns.

c. Prepare the consolidated balance sheet at the date of acquisition.