Step Acquisition and Consolidation Pont Motor Company owns 30 percent of the stock of Skoding Automotive Company, and reports its investment using the equity method. It acquires the remaining 70 percent of Skoding's stock by issuing to Skoding's shareholders Pont Motor stock with a fair value of SBO million. Pont records the acquisition as a stock acquisition on its own books. At the date of acquisition, Pont's 30 percent percent investment in Skoding was carried on Pont's books at $16 million and had a fair value of $29 million. Skoding's balance sheet at the date of acquisition, and fair value information on its assets and liabilities, is as follows: Current assets Property Liabilities Capital stock Retained deficit Treasury stock Total Book Value Dr (Cr) Fair Value Dr (Cr) $8,000,000 $12,800,000 124,000,000 196,000,000) 112,000,000 (99,200,000) 148,000,000) 11,200,000 800,000 Skoding also has previously unreported identifiable intangible assets that meet ASC Topic 805 requirements for capitalization, valued at $24 million. Required Note: Provide all answers in millions. Do not round. For example, 5,500,000 would be 5.5. a. Prepare the journal entry or entries Pont made to record the stock acquisition on its own books. To revalue the equity investment to fair value Debit Credit To record the acquisition b. Prepare working paper eliminating entries (F) and (R) to combine the accounts of Pont and Skoding at the date of acquisition. Debit Credit (F) To eliminate Skecing's equity accounts against the investment account To revalua Bay's assets and liabilities to fair value