Reconstructing Book Values and Eliminating Entries books. Immediately after the acquisition, Cove reported current assets of $24 million, noncurrent assets (including its investment in Bay's stock) at $288 million, assets were overvalued by $3 million, its noncurrent assets were overvalued by $32 million, and its liabilities were overvalued $2 million. Required a. Calculate the fair value of Bay's identifiable total assets at the date of acquisition. b. Calculate the fair value of Bay's liabilities at the date of acquisition. $0 c. Calculate the book value of Bay's net assets at the date of acquisition. Note: Use a negative sign to indicate net liabilities. d. Prepare working paper eliminating entries (E) and (R) to consolidate Cove and Bay at the date of acquisition. To revalue Bay's assets and liabilities to fair value Reconstructing Book Values and Eliminating Entries books. Immediately after the acquisition, Cove reported current assets of $24 million, noncurrent assets (including its investment in Bay's stock) at $288 million, assets were overvalued by $3 million, its noncurrent assets were overvalued by $32 million, and its liabilities were overvalued $2 million. Required a. Calculate the fair value of Bay's identifiable total assets at the date of acquisition. b. Calculate the fair value of Bay's liabilities at the date of acquisition. $0 c. Calculate the book value of Bay's net assets at the date of acquisition. Note: Use a negative sign to indicate net liabilities. d. Prepare working paper eliminating entries (E) and (R) to consolidate Cove and Bay at the date of acquisition. To revalue Bay's assets and liabilities to fair value