Consolidation Working Paper, Simple Example Below are the condensed balance sheets of Princecraft and Sylvan Companies just prior to Princecraft's acquisition of all of the voting shares of Sylvan for $40 million in cash. The book values of Sylvan Company net assets approximate fair value. Balance Sheets Cash Other current assets Property and equipment, net Total assets Total liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equity Princecraft Company $ 60,000,000 20,000,000 8,000,000 70,000,000 15,000,000 $150,000,000 $25,000,000 . Sylvan Company $2,000,000 $ 30,000,000 $8,000,000 15,000,000 5,000,000 45,000,000 10,000,000 60,000,000 2,000,000 $150,000,000 $25,000,000 Required a. Prepare the journal entry Princecraft makes to record the acquisition on its own books. Enter answers in millions (Example: $40,000,000 equals $40 million). Description Debit Credit + 0 0 0 0 b. Prepare the consolidation working paper at the date of acquisition. Enter answers in millions (Example: $40,000,000 equals $40 million). Use negative signs with your Credit (Cr) answers in the Dr(Cr) columns (not in the Eliminations Credit column).

Consolidation Working Paper, Simple Example fint nuets spprowmata far value. meguwed b. Fyepare the corwolidacion workne paper as the dace of kcquatian - Enter answers in milisons (framplei $40,000,000 equals $40 million). - Use negative signs withyour Credit (Cr) answers in the Dr(Cr) columns inot in the Eliminations Credic column) b. Prepare the consolidation working paper at the date of acquisition. - Enter answers in millions (Example: $40,000,000 equals $40 million). - Use negative signs with your Credit ( Cr ) answers in the Dr(Cr) columns (not in the Eliminations Credit column). C. Prepare the consolidated balance sheet at the date of acquisition, in good form. Enter answers in millions (Example, $22,000,000 equals $22 million). c. Prepare the consolidated balance sheet at the date of acquisition, in good form. Enter answers in millions (Example, $22,000,000 equals $22 million). Please answer all parts or the question. Consolidation Working Paper, Simple Example fint nuets spprowmata far value. meguwed b. Fyepare the corwolidacion workne paper as the dace of kcquatian - Enter answers in milisons (framplei $40,000,000 equals $40 million). - Use negative signs withyour Credit (Cr) answers in the Dr(Cr) columns inot in the Eliminations Credic column) b. Prepare the consolidation working paper at the date of acquisition. - Enter answers in millions (Example: $40,000,000 equals $40 million). - Use negative signs with your Credit ( Cr ) answers in the Dr(Cr) columns (not in the Eliminations Credit column). C. Prepare the consolidated balance sheet at the date of acquisition, in good form. Enter answers in millions (Example, $22,000,000 equals $22 million). c. Prepare the consolidated balance sheet at the date of acquisition, in good form. Enter answers in millions (Example, $22,000,000 equals $22 million). Please answer all parts or the