Consolidated Financial Statements: Date of Acquisition E3.10 Consolidation Working Paper, Simple Example Below are the condensed balance sheets of Princecraft and Sylvan Companies just prior to Princecraft's acquisition of all of the voting shares of Sylvan for $40 million in cash. The book values of Sylvan Company's net assets approximate fair value 3. Sylvan Company Balance Sheets Princecraft Company $ 60,000,000 20,000,000 70,000,000 $150,000,000 $ 2,000,000 8,000,000 15,000,000 Cash..... Other current assets.... Property and equipment, net.... Total assets... $25,000,000 Total liabilities.. Common stock. ...... Additional paid-in capital ..... Retained earnings .......... Total liabilities and equity....... $ 30,000,000 15,000,000 45,000,000 60,000,000 $150,000,000 $ 8,000,000 5,000,000 10,000,000 2,000,000 $25,000,000 Required a. Prepare the journal entry Princecraft makes to record the acquisition b. Prepare the consolidation working paper at the date of acquisition. c. Prepare the consolidated balance sheet at the date of acquisition, in good makes to record the acquisition on its own books