Pinnacle Corporation acquired all of Stengl Corporation's common stock by issuing 300,000 shares of $1 par common stock with a current market value of $6,000,000. Related accountants and attorneys' fees were $180,000, paid in cash. The total book value of Steng's shareholders' equity consists of capital stock of $120,000 and retained earnings of $1,080,000. Book values and fair values of Steng's assets and liabilities are given below: Book Value Fair Value Cash and receivables $480,000 $480,000 Inventories 560,000 540,000 Plant assets, net 960,000 600,000 Current liabilities (600,000) (600,000) Long-term debt (300,000) (285,0001 Totals $1,200,000 $735,000 In addition, Stengl has previously unrecorded identifiable intangible assets with a fair value of $720,000 that meet ASC 805 criteria for recognition Required (a) Prepare the entry Pinnacle makes to record the acquisition on its own books. Enter numerical answers using all zeros (do not abbreviate to thousands or millions). General Journal Description Debit Credit Investment in Steng Common stock Additional paid in capital (b) Prepare the working paper eliminating entries to consolidate the balance sheets of Pinnacle Corporation and Stengl Corporation at the date of acquisition Enter numerical answers using all zeros (do not abbreviate to thousands or millions). ConsolidationJournal Description Debit Credit Capital stock (b) Prepare the working paper eliminating entries to consolidate the balance sheets of Pinnacle Corporation and Stengl Corporation at the date of acquisition. Enter numerical answers using all zeros (do not abbreviate to thousands or millions). ConsolidationJournal Description Credit Debit (E) Capital stock (R) Long-term debt Identifiable intangible assets . Plant assets, net Inventories Check