Eliminating Entries, Goodwill On February 15, 2010, Pendragon Corporation acquired all of the stock of Sherwood, Inc. for $180 million in cash. Sherwood's shareholders' equity accounts at the date of acquisition were as follows: fin millions) Common stark, par Auditional paic-in capital Retained eamines deficit) Acumulatori ather comprehensive inname Treasury stock Total shareholders' equity (defint 5154) The following previously unreported assets of Sherwood were reported in the acquisition (in millions): Customer lists $24 Brand names 36 Assume Sherwood's fixed assets are overstated by $6 million, but the book values of its other assets and liabilities are fairly reported. (a) Calculate the goodwill for this acquisition million (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. Consolidation Journal Description Credit Debit Common stock Arditonal said in capital Accumulated other comprehensive income Retained earnings (R) Customer lists Brand names Fixed assets, het Eliminating Entries, Goodwill On February 15, 2010, Pendragon Corporation acquired all of the stock of Sherwood, Inc. for $180 million in cash. Sherwood's shareholders' equity accounts at the date of acquisition were as follows: fin millions) Common stark, par Auditional paic-in capital Retained eamines deficit) Acumulatori ather comprehensive inname Treasury stock Total shareholders' equity (defint 5154) The following previously unreported assets of Sherwood were reported in the acquisition (in millions): Customer lists $24 Brand names 36 Assume Sherwood's fixed assets are overstated by $6 million, but the book values of its other assets and liabilities are fairly reported. (a) Calculate the goodwill for this acquisition million (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. Consolidation Journal Description Credit Debit Common stock Arditonal said in capital Accumulated other comprehensive income Retained earnings (R) Customer lists Brand names Fixed assets, het