Barranco, Inc., acquired all of the outstanding shares of Bemiller, Inc., by means of a share exchange valued at \($50\) million. At the time of the acquisition, the fair market value of Bemiller was \($40\) million. Presented below are the condensed balance sheets for Barranco, Inc. and Bemiller, Inc. immediately prior to the acquisition:

Required
1. Prepare the unconsolidated balance sheet for Barranco immediately after making the investment in Bemiller.
2. Prepare the Barranco-Bemiller consolidated balance sheet following the acquisition.

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Balance Sheet Assets.... Liabilities. Shareholders' equity Total. Bemiller, Inc. Barranco, Inc. $50 million $10 million 40 million $50 million $70 million $20 million 50 million $70 million