Eliminating Entries with Previously Unreported Intangibles ProLock acquired all of the stock of Senyo for $10,000,000/ At the date of acquisition, Senyos $6,000,000 of reported net assets were false stated, expect land was undervalued by $500,000 and unrecorded in-process R&D was valued at $1,000,000.

Required

Prepare the working paper eliminating entries needed to consolidate ProLock and Senyo at the date of acquisition.