Question: please help me with what I have gotten wrong. Consolidation Working Paper, Date of Acquisition Below are the precombination condensed balance sheets of Princecraft and

 please help me with what I have gotten wrong. Consolidation WorkingPaper, Date of Acquisition Below are the precombination condensed balance sheets of

Princecraft and Sylvan Companies just prior to Princecraft's acquisition of 90 percent

please help me with what I have gotten wrong.

Consolidation Working Paper, Date of Acquisition Below are the precombination condensed balance sheets of Princecraft and Sylvan Companies just prior to Princecraft's acquisition of 90 percent of the voting shares of Sylvan for $43 million in cash. The book values of Sylvan Company's net assets approximate fair value. The noncontrolling interest in Sylvan has a fair value of $4,250,000. Princecraft Sylvan Company 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. Calculate total goodwill and its allocation to the controlling and noncontrolling interests. Enter answers in thousands. For example, $43,000,000 is $43,000 (in thousands). Total goodwill $ 30,250,000 x Allocation to controlling interests $ 15,300,000 X Allocation to noncontrolling interests $ 2,550,000 x $ b. Prepare the consolidation working paper at the date of acquisition. Enter answers in thousands ($2,000,000 equals $2,000 (in thousands). Use negative signs with your answers in the "Dr (Cr)" columns to indicate a credit balance, when appropriate. Consolidation Working Paper Accounts Taken Consolidated From Books Eliminations Balances Princecraft Sylvan (in thousands) Dr (Cr) Dr (Cr) Debit Credit Dr (Cr) Cash $ 17,000 $2,000 19,000 Other current assets 20,000 8,000 28,000 Property and equipment, net 70,000 15,000 85,000 Investment in Sylvan 43,000 15,300 (E) 0 27,700 (R) Goodwill 0 (R) 30,250 30,250 Total liabilities 30,000 X (8,000) 38,000 x Common stock 15,000 X (5,000) (E) 5,000 15,000 x Additional paid-in capital 45,000 X (10,000) (E) 10,000 45,000 x Retained earnings 60,000 X (2,000) (E) 2,000 60,000 x Noncontrolling interest 1,700 (E) 4,250 X 2,550 (R) Total $0 47,250 47,250 324,500 X R $ 0 $ $ C. Prepare the consolidated balance sheet at the date of acquisition, in good form. Enter answers in thousands ($38,000,000 equals $38,000 (in thousands). . Do not use negative signs with any of your answers. 19,000 28,000 85,000 30,250 162,250 $ Consolidated Balance Sheet Date of Acquisition (in thousands) Assets Cash $ Other current assets Property and equipment, net Goodwill Total assets Liabilities and shareholders' equity Total liabilities $ Shareholders' equity Princecraft's shareholders' equity: Common stock Additional paid-in capital Retained earnings Total Princecraft's shareholders' equity Noncontrolling interest Total shareholders' equity Total liabilities and shareholders' equity $ 38,000 15,000 45,000 60,000 120,000 4,250 124,250 162,250

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