Retail Records Inc. purchased all the voting shares of Decibel Studios on January 1, 20X2, for \(\$ 280,000\). The balance sheet of Retail Records immediately after the combination contained the following balances:

The balance sheet of Decibel at acquisition contained the following balances:

On the date of combination, the inventory held by Decibel Studios had a fair value of \(\$ 170,000\), and its buildings and recording equipment had a value of \(\$ 375,000\). Goodwill reported by Decibel resulted from a purchase of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Decibel's books.
\section*{Required}
Compute the balances to be reported in the consolidated statements for:

a. Inventory.

b. Buildings and Equipment (net).

c. Investment in Decibel Stock.

d. Goodwill.

e. Common Stock.

f. Retained Earnings.

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Retail Records Inc. Balance Sheet January 1, 20X2 Cash and Receivables $120,000 Accounts Payable $ 75,000 Inventory 110,000 Taxes Payable 50.000 Land 70,000 Notes Payable 300,000 Buildings and Equipment (net) 350.000 Common Stock 400,000 Investment in Decibel Stock 280,000 Retained Earnings 105.000 Total Assets $930,000 Total Liabilities and Stockholders' Equity $930,000