Provo Company Purchased All the Shares of Singleton Company for $250

Provo Company purchased all the shares of Singleton Company for $250 million in cash. At the date of acquisition, the fair values of Singleton's reported net assets equal their carrying values, except its plant and equipment (net) has a fair value of $120 million, and previously unreported identifiable intangible assets, meeting ASC Topic 805 criteria for capitalization, total $100 million. The balance sheets of Provo and Singleton just after the acquisition appear below.
$$\begin{array} { | l | c | c | } \hline & \text { Provo } & { \text { S in gleton } } \\\hline \text { (in milions) } & { \text { Dr (Cr) } } \\\hline \text { Current assets } & \$ 15 & \$ 6 \\\hline \text { Plant \& equipment } & 460 & 200 \\\hline \text { Accumulated depreciation } & \{ 120 \} & \{ 50 \} \\\hline \text { Investment in Singleton } & 250 & \\\hline \text { Goodwill } & - & 40 \\\hline \text { Liabilities } & \{ 300 \} & \{ 140 \} \\\hline \text { Capital stock } & \{ 150 \} & \{ 20 \} \\\hline \text { Retained earnings } & \{ 155 \} & \{ 36 \} \\\hline \text { Total } & \$ 0 & \$ 0 \\\hline\end{array}$$ Required a. Prepare a schedule calculating the amount of goodwill recognized for this acquisition.
b. Prepare a working paper to consolidate Provo and Singleton at the date of acquisition.
c. Present the consolidated balance sheet at the date of acquisition, in good form.