On January 1, 2017, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,219,500 in cash and securities. On the acquisition date, Stylene had the following balance sheet: Accounts payable $ 1,982,800 Cash Accounts receivable Inventory Equipment (net) Trademarks $ 28,800 138,000 196,000 2,370,000 924,000 $ 3.656, 800 Common stock Retained earnings 800,000 874,000 $ 3,656,800 At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Asset Equipment Customer lists Trademarks Book Value $2,370,000 Fair Value $2,528,000 184,000 974,500 Remaining Useful Life 8 years 4 years indefinite 924, 000 During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent 2017 2018 Net Income Dividends $ 186,000 $25,000 398,000 45,000 Dividends are declared and paid in the same period. The December 31, 2018, separate financial statements for each company appear below. Parentheses indicate credit balances Prestige stylene (2.578.000) 1,820,000 360,000 Income Statement Revenues cost of goods sold Depreciation expense Amortization expense Equity earnings in Stylene Net income Statement of Retained Earnings Retained earnings 1/1 Net Income (above) Dividends declared Retained earnings 12/31 Balance Sheet Canh $ (6,040,000) 3,220,000 519,000 120,000 (0332250) $ (2.513,250) $ 398,000) $ (3,320,000) (2,513,250) 150,000 S (5.683,250) (1.035,000) (398,000) 45,000 $(1,388,000) 628.000 S 57.500 150.000 $ (5,683, 250) 45,000 $(1,388,000) Dividends declared Retained earnings 12/31 Balance Sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer lists Trademarks Goodwill 57,500 78,000 590,000 2,055,000 628,000 866,000 941,000 2,602,000 .6,500,000 119,000 3,270,000 220,000 $ 15,146,000 $ (962,750) (8,500,000) (5,683, 250) $(15, 146,000) 852,000 Total assets Accounts payable Common stock Retained earnings, 12/31 Total liabilities and equity $3,632,500 $(1,444,500) (800,000) (1,388,000) $(3,632,500) a. Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. b. Determine Prestige's December 31, 2018, Investment in Stylene balance. c. Prepare a worksheet to determine the balances for Peregrine's December 31, 2018, consolidated financial statements. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. Fair value in excess of book value REB R equired B > 150,000 $ (5,683,250) UVU 45,000 $(1,388,000) $ 57,500 78,000 590,000 2,055,000 Dividends declared Retained earnings 12/31 Balance Sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer lists Trademarks Goodwill Total assets Accounts payable Common stock Retained earnings, 12/31 Total liabilities and equity 852,000 628,000 866,000 941,000 2,602,000 .6,500,000 119,000 3,270,000 220,000 $ 15, 146,000 $ (962,750) (8,500,000) (5,683, 250) $(15,146,000) $ 3,632,500 $(1,444,500) (800,000) (1,388,000) $ (3,632,500) a. Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. b. Determine Prestige's December 31, 2018, Investment in Stylene balance. c. Prepare a worksheet to determine the balances for Peregrine's December 31, 2018, consolidated financial statements. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine Prestige's December 31, 2018, Investment in Stylene balance. Investment in Stylene