On February 15, 2010, Pendragon Corporation acquired all of the stock of Sherwood, Inc. for $480 million in cash. Sherwood's stockholders' equity accounts at the date of acquisition were as follows: (in millions) Common stock, par $8 Additional paid-in capital 24 Retained earnings (deficit) (48) Accumulated other comprehensive income 6.4 Treasury stock (4.8) Total stockholders' equity (deficit) $(14.4) The following previously unreported assets of Sherwood were reported in the acquisition (in millions): Customer lists $64 Brand names 96 Assume Sherwood's fixed assets are overstated by $16 million, its liabilities are overstated by $1.6 million, and its other assets and liabilities are fairly reported. (a) Calculate the goodwill for this acquisition. $Answer 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.)