E3.3 Eliminating Entries, Revaluation of Reported Net Assets Petrel Corporation acquires all of the stock of Samson Company for $30 million in cash. Samson's balance sheet accounts at the date of acquisition are listed below. Date-of-acquisition fair values for Samson's assets and liabilities are also displayed. Samson has previously unreported developed technology valued at $6 million, meeting the criteria for capitalization per ASC Topic 805. (in thousands) Book Value Dr (Cr) Fair Value Dr (Cr) Cash........ Accounts receivable........................ Inventories ....... Land, buildings and equipment, net............ Trademarks ......... Current liabilities. ............ Noncurrent liabilities.......... Common stock, $2 par........ Additional paid-in capital ...... Retained earnings ........ Accumulated other comprehensive income.. Treasury stock ....... Total . . . . . . . . . $ 2,000 5,000 30,000 320,000 10,000 (45,000) (250,000) (1,000) (80,000) 5,500 (500) 4,000 $ 2,000 4,500 15,000 100,000 150,000 (45,000) (245,000) ........ Required a. Prepare a schedule calculating the goodwill to be recognized for this acquisition. b. Prepare the eliminating entries to consolidate the balance sheets of Petrel and Samson at the date of acquisition