Eliminating Entries, Bargain Gain Phelps, Inc. acquires all of the stock of Skelton Company for $8 million in cash. At the date of acquisition, Skelton's current assets had a book value of $5 million and a fair value of $3 million, its noncurrent assets had a book value of $45 million and a fair value of $20 million, and its liabilities had a book value of $30 million, which approximated fair value. Skelton also has previously unreported identifiable intangibles, valued at $17 million, that meet ASC Topic 805's criteria for recognition. Skelton's shareholders' equity consists of capital stock of $25 million and a retained loss of $5 million (debit balance). Required a. Calculate the gain on acquisition and prepare Phelps' journal entry to record the acquisition on its own books. Enter answers in millions. Description Debit Credit 0 0 0 0 0 0