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The following are the account balances of Miller Company and Richmond Company as of December 31 prior to the acquisition. The fair values of Richmod Company's assets and liabilities are also listed. Cash Receivables Inventory Buildings and Equipment(net) Unpatented Technology In-process Research/Development Accounts Payable Notes Payable Totals Miller Company Book Values @12/31 $600,000 900,000 1,100,000 9,000,000 0 0 -400,000 -3,400,000 7,800,000 Richmond Company Book Values @12/31 $200,000 300,000 600,000 800,000 0 0 -200,000 -1,100,000 600,000 Richmond Company Fair Values @12/31 $200,000 290,000 820,000 900,000 500,000 100,000 -200,000 -1,100,000 1,510,000 -2,000,000 Common Stock-$20 par value Common Stock-$ 5 par value Additional paid-in capital Retained Earnings Totals -900,000 -4,900,000 -7,800,000 0 -220,000 -100,000 -280,000 -600,000 Additional Information (not reflected in the preceding figures) On December 31, Miller issues 50,000 shares of its $20 par value common stock for all of the outstanding shares of Richmond 1 Company. 2 As part of the acquisition agreement, Miller agrees to pay the former owners of Richmond $250,000 if certain profit projections are realized over the next three years. Miller calculates the acquisition-date fair value of this contingency at $100,000. 3 In creating this combination, Miller had incurred $10,000 in issuing the additional stock and had paid $20,000 in legal and accouting fet paid by December 31. 4 Richmond will operate as a separate entity. Miller's stock has a fair value of $32 per share. Prepare the journal entries required by Miller Company for the acquistion of Richmond Company at December 31. Prepare a Computation and Allocation Schedule for the difference between book and the value implied by the purchase price. Computation and Allocation Schedule Parent 100% NCI Total Value Prepare the workpaper entry to eliminate Richmond Company's equity accounts against the investment account and accounting for the fair value of the net identifiable assets of Richmond Company. Prepare a consolidated balance sheet workpaper at the date of acquisition. Balance Sheet Consolidation Entries Miller Company Ricnmon d Company Debit Credit Consolidated Totals