Eliminating Entries, Bargain Gain stock of $$10,000$ and retained earnings of $$1,690,000.$ Book values and fair values of Stengl's assets and liabilities are given below:

In addition, Stengl has previously unrecorded identifiable intangible assets with a fair value of $$400,000$ that meet ASC Topic $805$ criteria for recognition.

Required

$($a$)$ Prepare the entry Pinnacle makes to record the acquisition on its own books.

Enter numerical answers using all zeros $($do not abbreviate to thousands or millions$).$

$($b$)$ Prepare the working paper eliminating entries to consolidate the balance sheets of Pinnacle Corporation and Stengl Corporation at the date of acquisition.

Enter numerical answers using all zeros $($do not abbreviate to thousands or millions$).$ 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. The balance sheets of Paxon and Saxon, immediately prior to the combination, are shown below

Several of Saxon's assets had fair values that were different from their book values. Estimates of the fair values of these items follow:

In addition, Saxon had previously unrecorded identifiable assets valued at $$875$ million.

Required

$($a$)$ Calculate the gain on acquisition in this bargain purchase.

million $($b$)$ Prepare a working paper to consolidate the balance sheets of Paxon and Saxon at January $1,2022.$

Remember to use negative signs with your credit balance answers in the $Dr(Cr)$ columns.

$($c$)$ Present the consolidated balance sheet, in good form, at the date of acquisition.

$\backslash$table$[[\backslash$table$[[$Paxon Corporation and Subsidiary$],[$Consolidated Balance Sheet$],[$Date of Acquisition$],[($in millions$)]]],[$Assets$,,$Liabilities,,$],[$Cash and receivables,$$0,$Current liabilities,$$,(2,500)],[$Inventory$,0,$Long$-$term debt,,$(2,845)],[$Long$-$term investments,$0,$Total liabilities,,$(5,345)],[$Land$,0,,,],[$Buildings and equipment, net,$0,$Shareholders' equity,,$],[$Identifiable intangibles,$0,$Common stock, par value,,$0],[,,$Additional paid$-$in capital,,$0],[,,$Retained earnings,,$0],[,,$Total equity,,$0],[$Total assets,$$0,$Total liabilities and equity,$$,0]]$

Phelps, Inc. acquires all of the stock of Skelton Company by issuing $1$ million shares of its capital stock with a fair value of $$\frac{18}{?}$ share. At the date of acquisition, Skelton's current

assets had a book value of $$5$ million and a fair value of $$4$ million, its noncurrent assets had a book value of $$45$ million and a fair value of $$25$ million, and its liabilities had a

book value of $$20$ million, which approximated fair value. Skelton also has previously unreported identifiable intangibles, valued at $$12$ million, that meet ASC Topic $805$ s criteria

for recognition. Skelton's shareholders' equity consists of capital stock of $$38$ million and a retained loss of $$8$ 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.

b$.$ Prepare the eliminating entries necessary to consolidate the balance sheet accounts of Phelps and Skelton at the date of acquisition.

Enter answers in millions.

I need help with these $3$ questions.