P3.7 Consolidated Balance Sheet Working Paper, Previously Reported Goodwill Progres- sive Corporation acquired all of the outstanding stock of Static Company on June 30, 2019, by issuing 200,000 shares of its $1 par value common stock valued at $80 per share. Direct cash costs associated with the acquisition were $100,000, and the cost of registering and issuing the stock was $500,000. Condensed balance sheet data for the two companies immediately prior to the combination are given below. Progressive Static Balance Sheets (in thousands) Book Value Book Value Fair Value $ 8,000 7,000 Cash and receivables......... Inventory... Equity method investments Plant assets, net.... Copyrights ........ Goodwill......... Total assets ....... $2,000 2,400 600 3,600 200 500 $9,300 $1,500 2,100 4,000 1,000 3,500 10,000 10,000 1,000 $26,000 $2,000 3,400 Current liabilities........ Noncurrent liabilities. ...... Common stock, par ....... Additional paid-in capital .... Retained earnings ......... Total liabilities and equity...... $ 6,000 4,000 100 900 15,000 $2,000 3,300 100 400 3,500 $9,300 $26,000 Required a. Prepare the entry Progressive made to record the acquisition on its own books. b. Prepare a schedule calculating the reported goodwill for this acquisition. Prepare a working paper to consolidate the balance sheets of Progressive and Static at June 30, 2019. Prepare the consolidated balance sheet at June 30, 2019, in good form