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On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,344,500 n cash and securities. On

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On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,344,500 n cash and securities. On the acquisition date, Stylene had the following balance sheet: At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the ollowing assets: During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent. Dividends are declared and paid in the same period. The December 31, 2021, separate financial statements for each company follow. Parentheses indicate credit balances. a. Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. b. Determine Prestige's December 31, 2021, Investment in Stylene balance. c. Prepare a worksheet to determine the balances for Prestige's December 31,2021 , consolidated financial statements. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a worksheet to determine the balances for Prestige's December 31, 2021, consolidated financial statements. (For accounts where multiple consolidation entries are required,combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)

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