On July 1, 2019, Prestige Communications acquired all of the voting stock of Southern Light Technologies for $300 million in cash. At the date of acquisition, Southern Lighe's shareholders equity accounts were as follows (in Millions Catasto $26 142 Accumulated the come Trenuty stock Tool 51/2 5 ti Al the date of acquisition, Southern Light's inventories and property, plans and equipment had a fair value that was $2 million and $10 million lower than book value, respectively. It also had previously unreported brand names valued at $60 million meeting the ASC 805 criteria for separate capitalization. Southern Light reports inventories using FIFO, its revalued clans and equipment had a 10 year remaining Sle, straight-line, and the brand names are indefinite lived. Both companies have june 30 year-ends. Southern Light reported $20 million in ne income and $500,000 in other comprehensive income in fiscal 2020, and dedared and paid $2.5 million in cash dividends. Impairment testing at the end of fiscal 2020 reveals that Southern Light's brand names are impaired by $3 million and goodwill connected with the acquisition is impaired by $5 million in 2020. Southern Light's beginning inwentary was sold during fiscal 2020 Prestige Communications uses the cost method to account for its investment in Southern Light Technologies Required a. Prepare Prestige Communications journal entries during fiscal 2020 to reportits investment in Southern Light, on its own books Enter numerical answers in thousands (example, 300 million equal $300,000 in thousands) Description Credit + . Lo recordation of South . Debit . + To recorrept of dwicherich 1. Prepare the consolicialiter eliminating entries (01.10(R) and (O, required to consolidate Prestige Communications accounts with those of Southern Light Technologies at June 30, 2020. Enter numerical answers in thousands (example, 55 million equals $5,000 in thousands). Description . Dubit Credi Rel. C) Capasok . + man south whit Brand nam 00 . Handel in South Lyhl une Hand Handwe Bunum Goodwil Check