Consolidated Eliminations Credit Debit Progressive 7400 Static 2000 Accounts Balance Sheet Cash & Receivables Inventory Equity Invest Investment In Static 7000 2400 600 16000 10000 1000 3600 200 500 (2000) (6000) (4000) (3300) PP&E Copyrights Goodwill Current Liabilities Noncurrent Liabilities Common Stock Additional PIC Retained Earnings Total (300) (100) (16200) (14900) (400) (3500) O 0 Page 1 of 1 102 words DS Focus 1 + 829 04 P3.7 Consolidated Balance Shoot Working Paper, Previously Reported Goodwill Progres- sive Corporation acquired all of the outstanding stock of Static Company on June 30, 2019, by issuing 200,000 shares of its $1 par value common stock valued at $80 per share. Direct cash costs associated with the acquisition were $100,000, and the cost of registering and issuing the stock was $500,000. Condensed balance sheet data for the two companies immediately prior to the combination are given below. Static Balance Sheets (in thousands) Progressive Book Value $ 8,000 7.000 Book Value Fair Value Cash and receivables Inventory. Equity method investments Plant assets, net. Copyrights Goodwil $2,000 2,400 600 3,600 200 500 10,000 1.000 $1,500 2,100 4,000 1,000 3,500 10,000 Total assets $25,000 $9,300 $2,000 3,400 Current liabilities Noncurrent liabilities. Common stock, par Additional paid in capita Retained earnings Total liabilities and equity. $ 6,000 4,000 100 900 15.000 $26.000 $2.000 3.300 100 400 3,500 $9,300 Required 4. Prepare the entry Progressive made to record the acquisition on its own books. b. Prepare a schedule calculating the reported goodwill for this acquisition. e. Prepare a working paper to consolidate the balance sheets of Progressive and Static at June 30, 2019. d. Prepare the consolidated balance sheet at June 30, 2019, in good form