Consolidation Working Paper, Simple Example Below are the condensed balance sheets of Princecraft and Sylan Companies just prior to Princecrafts acquisition of all of the voting shares of Sylan for $40 million in cash. The book values of Sylan Companys net assets approximate fair value.

Balance Sheets	Princecraft Company	Sylan Company
Cash	60,000,000	2,000,000
Other current assets	20,000,000	8,000,000
Property and equipment, net	70,000,000	15,000,000
Total assets	150,000,000	25,000,000
Total liabilities	30,000,000	8,000,000
Common stock	15,000,000	5,000,000
Additional paid-in capital	45,000,000	10,000,000
Retained earnings	60,000,000	2,000,000
Total liabilities and equity	150,000,000	25,000,000

Required

a.) Prepare the journal entry Princecraft makes to record the acquisition on its own books.

b.) Prepare the consolidation working paper at the date of acquisition.

c.) Prepare the consolidated balance sheet at the date of acquisition, in good form.