2. Thorn Corporation acquired 100 percent of the stock of Byrd Company by issuing 10,000 new shares for exchange. The par-value per share is $10 and the market value per share is $120. Summarized balance sheet information for the two companies immediately preceding the acquisition is as follows: Cash and Receivables Inventory Land Buildings and Equipment (net) Bond Investments Total Assets Thorn $1,200,000 40,000 120,000 2,460,000 700,000 $4,520,000 Byrd $_420,000 470,000 100,000 220,000 $1,210,000 Accounts and Notes Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities $ 820,000 1,040,000 1,600,000 1,060,000 $4,520.000 $ 220,000 440,000 240,000 310,000 $1,210.000 &Stockholder's Equities At the time of acquisition, the book values and market values of Byrd's assets were approximately the same except its inventory was worth $500,000 and land was worth $120,000. At that date, Thorn owes Byrd $20,000 on account. Required: Compute the balances to be reported in a consolidated balance sheet prepared immediately following the acquisition for: a. Cash and Receivables b. Inventory c. Land d. Buildings and Equipment (net) e. Goodwill f. Accounts and Notes Payable g. Stockholders' Equity