Penn Corporation, a U Stockard's Assets and Liabilities Are Reported at Amounts Approximating Fair

Penn Corporation, a U.S. company, acquired the outstanding voting stock of Stockard Company, a Malaysian company, on January 1, 2020. The currency of Malaysia is the ringgit (RM). Penn paid $25,000 for Stockard's stock. On that date the exchange rate was $0.25/RM. Stockard's functional currency is the ringgit. The condensed trial balances of Penn and Stockard as of January 1, 2020 are shown below.
$$\begin{array} { | l | c | r | } \hline & \begin{array} { c } \text { Pen n Corp. } \\\text { Dr (Cr) }\end{array} & \begin{array} { c } \text { Stocka rd Co. } \\\text { Dr (Cr) }\end{array} \\\hline \text { Cash and receivables } & \$ 7,200 & \text { RM } 500 \\\hline \text { Inventories } & 2,800 & 1,500 \\\hline \text { Property, plant and equipment, net } & 20,000 & 12,000 \\\hline \text { Investment in Sto ckard } & 25,000 & - - \\\hline \text { Liabilities } & \{ 40,000 \} & \{ 12,000 \} \\\hline \text { Capital stock } & \{ 10,000 \} & \{ 200 \} \\\hline \text { Retained earnings } & \{ [ 5,000 \} & \{ 1,800 \} \\\hline \text { Total } & \$ \quad 0 & \text { RM } 0 \\\hline\end{array}$$ Stockard's assets and liabilities are reported at amounts approximating fair value, except that it has previously unreported identifiable intangible assets, appropriately capitalized per ASC Topic 805, with a fair value of RM40,000 on January 1, 2020.
Required
a. Prepare a schedule, in U.S. dollars, calculating the excess of acquisition cost over Stockard's book value at the acquisition date, and its allocation to Stockard's net assets and goodwill.
b. Prepare a working paper to consolidate the balance sheets of Penn and Stockard at January 1, 2020.