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 $1 4 billion cash. The balance sheets of Paxon and Saxon, immediately prior to the combination, follow: (in millions) Paxon Saxon Assets $ 720 900 300 175 600 .. 1,700 650 $2.695 Liabilities and Shareholders' Equity 2,000 500 400 100 350 845 $2,695 Additional paid-in capital 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 millions) Estimated fair value $800 250 420 900 Land Buildings and equipment, net. In addition, Saxon had previously unrecorded identifiable intangible assets valued at $110 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 goodwill)? b. Fill in appropriate numbers appropriately in the attached comsolidation working paper