P5.2 Consolidated Balance Sheet Working Paper, Date of Acquisition, Bargain Purchase (see related P3.4) On January 1,2019,Paxon Corporation acquired 80 percent of the outstanding common stock of the Saxon Company for $14 billion cash. The balance sheets of Paxon and Saxon, immediately prior to the combination, follow: fin millions) Paxon Saxon Assets $ 720 900 300 175 600 $2,860 1,700 650 2,400 $2,695 Liabilities and Shareholders' Equity $1,000 400 100 350 845 $2,695 2,000 500 1,200 Total liabilities and shareholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,610 Several of Saxon's assets and liabilities had fair values that were different from their book values. Esti mates of the fair values of these items follow: (in millrons) Estimated fair value $800 250 420 900 In addition, Saxon had previously unrecorded identifiable intangible asse ts valued at S110 million. The estimated fair value of the noncontrolling interest in Saxon is $200 million Required a. How much is the gain on bargain purchase (or goodwil)? b. Fill in appropriate numbers appropriately in the attached comsolidation working paper