Practi Summer 2018 Corporation 27, Oak Company paid $3,300,000 to acquire all of the common stock time of the acquisition: common stock of Pine which became a division of Oak. Pine reported the following balance sheet at the 600,000 Current assets 1,900,000 Noncurrent assets 2.700,000 Current liabilities Long-term liabilities Stockholders' equity Total liabilities and 500,000 2.500,000 $3,600.000 Total assets $3,600.000 stockholders' equity was determined at the date of the purchase that the fair value of the identifiable assets of Pine were 3,800,000. It 0. In addlition, Oak Company assumed liabilities of Oak Company with a fair value of $1,000,000 rom the time period of June 1, 2017 to December 31, 2017, Pine Company experiences losses The fair value of the assets of Pine Company at 12/31/17 are $3,700,000 (excluding Goodwill) and the fair value of the liabilities of Pine Company are $1,200,000 at 12/31/17. And, the book value (amount recorded in the general ledger) of the assets and liabilities is the same as the fair value. During December, a cash flow projection was prepared for the Pine Corporation. Future cash flows are estimated at $500,000 for the next six years and zero from there on. The appropriate discount rate is 8%. Assume that you are preparing to report the amount of Goodwill related to Pine Company on the December 31, 2017 consolidated financial statements of Oak Company. a) What issues/rules/concepts do you need to consider to report the balance sheet as fairly stated" as of 12/31/2017? b) What/how will you measure? Is a JE necessary at 12/31/17? If so, show in general journal form, T-Account form and on the accounting equation. c)