uate acqdisition Eliminating Entries, Bargain Gain Phelps, Inc. acquires all of the stock of Skelton Company for $ million in cash. At the date of acquisition, Skelton's curr fair value of S3 million, its noncurrent assets had a book value of $45 million and a fair value of $20 mil lion, and its liabilities had a book value of $30 million, which approximated fair value. Skelton also has previously unreported identifiable intangibles, valued at $17 million, that meet ASC Topic 805's criteria for recognition. Skelton's stockholders'equity consists of capital stock of $25 million and a retained loss of $5 million (debit balance). 3.3E ent assets had a book value of $5 million anda Required a. Calculate the fain on acquisition and prepare Phelps' journal entry to record the acquisition on its b. Prepare own books. the eliminating entries necessary to consolidate the balance sheet accounts of Phelps and Skelton at the date of acquisition. Entries-with Previously unreported