Consolidated Balance Sheet Working Paper, Bargain Purchase On January $1,2022,$ Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $$2$ billion cash. Paxon uses the complete equity method to report its investment. The trial balances of Paxon and Saxon at December $31,2022,$ are shown below: Dr$($Cr$)($in millions$)$ Paxon Saxon Cash and receivables $$3,050$ $$855$ Inventory $2,260530$ Equity method investments $----$ Investment in Saxon $2,635--$ Land $650300$ Buildings and equipment $($net$)3,6001,150$ Current liabilities $(2,020)(1,200)$ Long$-$term debt $(5,000)(450)$ Common stock, par value $(500)(50)$ Additional paid$-$in capital $(1,200)(200)$ Retained earnings, January $1(2,410)(600)$ Dividends $500250$ Sales revenue $(30,000)(12,000)$ Equity i