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1 1 On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,346,000 in cash and securities. On the acquisition date, Stylene had the following balance sheet: 6 points Accounts payable $1,519,300 Cash Accounts receivable Inventory Equipment (net) Trademarks Total asset $ 42,800 141,500 141,000 1.960,000 935,000 $ 3,221,300 eBook Common stock Retained earnings Total liabile and equity 800,000 902.000 $ 3,221,300 Print References At the acquisition date, the book values of Stylene's assets and liabilities were generally equivalent to their fair values except for the following assets: Book Value $1,960,000 Annet Equipment Cuntoner lista Trademark Fair Value $2,104,000 210,000 1,014,000 Renaining Useful Lita r 4 years indefinite 936,000 During the next two years, Stylene has the following income and dividends in its own separately prepared financial reports to its parent 2026 2021 Net Income Dividends $ 226.000 $ 25.000 550.000 45,000 Dividends are declared and paid in the same period. The December 31, 2021, separate financial statements for each company follow 1 Dividends are declared and paid in the same period. The December 31, 2021, separate financial statements for each company follow. Parentheses indicate credit balances. Prestige 6 points $ 5,200,000) 2,800,000 507.000 113,000 (479,500) $ (2,259,500) stylene ${2,844.000) 2,010,000 284,000 0 0 $ (550.000 eBook Print References $ 12,990,000) (2.259.500) 150,000 (5.099,500) $71.103,000) (550.000) 45,000 $(1.608,000) Income Statement Revenues Cost of goods sold Depreciation expense Amortization expense Equity earnings in Stylene Net Income Statement of Retained Earnings Retained earninge 1/1 Net Income (above) Dividends declared Retained earnings 12/31 Balance Sheet Cash Accounts receivable Inventory Investment in Stylene Equipment Customer llats Trademarks Goodvila Total assets Accounts payable Como mtock Retained earnings, 12/31 Total liabilities and equity $ 72.500 75,000 584,000 0 1.645,000 468,000 798,000 936,000 2,911,000 6,470,000 129,000 3,020,000 271.000 $15.005,000 5 (1.403.500) (8,500,000) 15,099,500 5615,000,000) 1,032,000 $ 2,600,500 1.200.500) (800,000) (1.608,000) 53, 60, 500 1 1 Canon stock Retained earnings, 12/31 Total abilities and equity (8,500,000) (5.099,500) (15,003, 000) (800,000 (1.600.000 $(3,608,500) 6 points a. Determine the fair value in excess of book value for Prestige's acquisition date investment in Stylene. b. Determine Prestige's December 31, 2021, Investment in Stylene balance. c. Prepare a worksheet to determine the balances for Prestige's December 31, 2021, consolidated financial statements. eBook Print References Complete this question by entering your answers in the tabs below. Required A Required B Required Determine Prestige's December 31, 2021, Investment in Stylene balance Amounts Fair value at 1/1/20 Post-acquisition samnings less excess amortization Stylene dividends since acquisition Investment in Stylene 1 1 Hequired A Required Required 6 point Prepare a worksheet to determine the balances for Prestige's December 31, 2021, consolidated financial statements. For accounts where multiple consolidation entries are required.combine all debit entries into one amount and enter the amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts positive values Show less ent PRESTIGE CORPORATION AND CONSOLIDATED SUBSIDIARY Consolidation Worksheet For Year December 31, 2021 Consolidation Entries Mylene Det Credit Accounts Consolidated Total Income Statement dont of good old Depreciation expense eation expense Ewan Style Net Income 5 05.200,000 52.144,000) 2.800.000 2010000 s07.000 284.000 113.000 0 (479,5001 0 5 2.250.000 5 550.000) Statement of Retained Earnings Retained rings Net noome (above) 2.000.000) (2.250.500) 11.103.000) (550,000 1 Statement of Retained Earnings Retained earnings 111 Nel income (above) Dividends declared Retained earnings 12/31 (2.990,000) (1.100.000) (2,259,500) 550.000) 150.000 45,000 $ 15,099,500) $ (1.608.000) 6 points Boca Print Balance Sheet Cash Accounts receivable Inventory Investment in Stene Equipment net Customer isto Trademarks Goodwil Total assets $ 468,000 $ 72.500 798,000 75.000 936.000 564.000 2011.000 0 1.145.000 120.000 0 3,020,000 1,012.000 271 000 0 $ 15,003.000 $ 3,408,500 470.000 Accounts payable Common stock - Prestige Common stock-Stylene Retained earnings 12/31 Totat fiabilities and equity (1.403,500) (1.200.500) (8.500,000) (300.000) (5.000,500) (1 608,000) $(15,00,000 $3,608,500) Ds 0