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Consolidation Working Paper, Date of Acquisition (see related E3.9) Below are the pre- combination condensed...

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Consolidation Working Paper, Date of Acquisition (see related E3.9) Below are the pre- combination 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 Sy- van Company's net assets approximate fair value. The noncontrolling interest in Sy)lvan has a fair value 58 L of $4,250,000. Princecraft Company Sylvan Company 60,000,000 2,000,000 8,000,000 15,000,000 20,000,000 70,000,000 $150,000,000 $25,00000 $ 8,000,000 5,000,000 10,000,000 2,000,000 $25,000,000 Total liabilities. Additional paid-in capital Retained earnings 45,000,000 60,000,000 $150,000,000 Required a. Calculate total goodwill and its allocation to the controlling and noncontrolling interests. b. Prepare the consolidation working paper at the date of acquisition

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