Eliminating Entries, Goodwill On February 15, 2010, Pendragon Corporation acquired all of the stock of Sherwood, Inc. for 5240 million in cash, Sherwood's shareholders equity accounts at the date of acquisition were as follows tin millions) Common stock par 1 Additional pardin Capital 12 Metained earningsidefot 124 Accumulated other comprehensive income 3.2 Treasury stock Total shareholders equity deficio 983833 The following previously unreported assets of Sherwood were reported in the acquisition in millions Customers 52 Brand names Assume Sherwood's fixed assets are overstated by $8 million, but the book values of its other assets and liabilities are fairly reported (a) Calculate the goodwill for this acquisition SII x million 0 (b) Present the working paper eliminating entries necessary to consolidate the balance sheets of Pendragon and Sherwood at the date of acquisition Enter answers in millions and using one decimal place, when appropriate. ConsolidationJournal Description Debit Credit (E) Common stock OX 0 Additional paid-in Capital 0X Accumulated other comprehensive income OX 0 Investment in Sherwood, Inc 0 x 0 Retained earnings 0 OX Treasury stock OX (R) Customer lists OX 0 Brand names 0 X 0 Goodwill OX Ov Fixed assets, net 0 OX Investment in Sherwood, Inc. 0 OX 0