On 1/1/21 Pinn Cororation acqired all of Simm Corporation's common stock by issuing #250,000 shares of $1 par value common stock with a current market value of $10,000,000. Related legal fees were $300,000 and were paid in cash. The book value and fair values of Simm's accounts are given below; Current assets Plant assets Current liabilities Long term liabilities Common stock Retained earnings Book Value DR (CR) 1,900,000 1,100,000 (1,000,000) (500,000) (800,000) (700,000) Fair Value DR (CR) 1,900,000 1,200,000 (1,000,000) (475,000) In addition, Simm has a previously unrecorded identifiable Intangible Asset with a fair value of $500,000. Required; a. Prepare the entry on Pinn's books to record the acquisition b. Prepare the working paper eliminating entries to consolidate the balance sheets of Pinn Corporation and Simm Corporation at the date of acquisition