Consolidated Balance Sheet Working Paper, Date of Acquisition, Bargain Purchase combination, follow: Several of Saxon's assets and liabilities had fair values that were different from their book values. Estimates of the fair values of these items follow: The estimated fair value of the noncontrolling interest in Saxon is $600 million. a. Calculate the gain on acquisition and prepare Paxon's entry to record the acquisition (in millions) - When appropriate, use negative signs with your revaluation answers (left column only). - Do not use negative signs with your answers in the right column. - Enter answers in millions. Paxon's acquisition entry (in millions): b. Prepare a working paper to consolidate the balance sheets of Paxon and Saxon at January 1, 2016. Remember to use negative signs with your credit balance answers in the Dr(Cr) columns. Enter answers in millions. c. Present the consolidated balance sheet, in good form, at the date of acquisition (in millions). - Do not use negative signs with any of your answers. - Enter answers in millions
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