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Hello, Please assist me with this homework question. It is attached below. P2.1D Valuation Adiuetme rite On March 10,2020,Prism Corporation acquired all of Skyhawk Inc.

Hello,

Please assist me with this homework question. It is attached below.

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P2.1D Valuation Adiuetme rite On March 10,2020,Prism Corporation acquired all of Skyhawk Inc. for to- tal consideration of $45 million, consisting of $43 million in cash and $2 million in vested stock options. Prism's acoouming year ends Inne 30 . Fair values of Scyhawk's identiable nei asseis as of Ihe date of acquisition, as well as adjustments made as of June 30, 2020, are listed below. Estimates of who as ofdm ofaoqlidtion Estimto at Bath-m at (in Manda} 3J1 0!2020 Mlustmem 013032020 Current assets ......................... $ 5,000 $ 5 $ 5, 005 Property, plant and equipment ............. 0,500 [500}: 0,000 Indefinite life intangible assets ............. 15,000 [1 ,000} 14,000 Limited life in tangible assets .............. 13,000 400 13,400 Current liabilities ........................ 53,000) [50}: 53,050) Long-term debt ........................ [1 3,0 00) 1 00 [1 7,900) Totals .............................. $20,500 $0 ,045} $19,455 Amore precise estimate at June 30, 2020 of the value of the vested stock options as of the acquisition date is $2.2 million. a. Does Prism Corporation need an additional adjustment entry on June 30, 2020? Expalin why it has to adjust for the change. If your answer is "yes" continue to b. Otherwise stop here. b. Please make any adjusting journal entry

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