Interpreting Eliminating Entries

The following two consolidation eliminating entries were made immediately following Plains acquisition of a 100 percent ownership interest in Seaboard for $88,000,000 cash:

(E)	Shareholders equitySeaboard	?
	Investment in Seaboard		48,000,000
(R)	Goodwill	?
	Noncurrent assets		2,000,000
	Investment in Seaboard		?

Required

Compute the following amounts:

a. Book value of Seaboard at the date of acquisition.

b. Excess paid over the book value of net assets acquired.

c. Goodwill.