Polaris Company acquires all of the stock of SSC, Inc. for $220 million in cash. At the date of acquisition, SSCs equity consists of capital stock of $55 million, retained earnings of $88 million (credit balance), and accumulated other comprehensive income of $11 million (credit balance). SSCs books report current assets of $44 million, equipment of $330 million, and liabilities of $220 million. Starks assets and liabilities are reported on its books at amounts that approximate fair value, except that equipment with a book value of $44 million has a fair value of $66 million. Stark has no previously unreported identifiable intangible assets. Required Note: Provide all answers in millions. Note: Do not use negative signs. a. Prepare a schedule calculating the goodwill to be recognized for this acquisition. Acquisition cost Answer 220 SSCs book value Answer 99 Excess of acquisition cost over book value Answer 0 Excess of fair value over book value: Equipment Answer 0 Goodwill Answer 0 b. Prepare working paper eliminating entries (E) and (R) to consolidate the balance sheet accounts of Polaris and SSC at the date of acquisition. Debit Credit (E) Capital stock 55 0 Answer Retained earnings 88 0 Answer Treasury stock 0 0 Answer Investment in SSC 0 0 Answer To eliminate SSCs equity accounts against the investment account (R) Goodwill 0 0 Answer Capital stock 0 0 Answer Investment in SSC 0 0 Answer To revalue SSCs assets and liabilities to fair value