6 Computation of Consolidated Balances Retail's balance sheet immediately after the combination contained the following balances Retail Records Inc acquired all of Decibel Studios' voting shares on January 1, 20x2, for $280.000 Cash & Receivables Inventory Land Buildings & Equipment (net) Investment in Decibel Stock Total Assets RETAIL RECORDS INC. Balance Sheet January 1, 20X2 $120,000 Accounts Payable 110,000 Taxes Payable 70,000 Notes Payable 350,000 Common Stock 280,000 Retained Earnings $930,000 Total Liabilities & Stockholders' Equity $ 75,000 50.000 300,000 400,000 105,000 5930,000 Decibel's balance sheet at acquisition contained the following balances: Cash & Receivables Inventory Buildings & Equipment (net) Goodwill DECIBEL STUDIOS Balance Sheet January 1, 20X2 $ 40,000 Accounts Payable 180,000 Notes Payable 350,000 Common Stock 30,000 Additional Paid-In Capital Retained Earnings $600,000 Total Liabilities & Stockholders' Equity $ 90,000 250,000 100,000 200,000 (40.000) $600,000 Total Assets On the date of combination, the inventory held by Decibel had a fair value of $170,000, and its buildings and recording equipment had a fair 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. Required Compute the balances to be reported in the consolidated balance sheet immediately after the acqui sition for: a. Inventory. b. Buildings and Equipment (net). c. Investment in Decibel Stock. d. Goodwill. e. Common Stock. f. Retained Earnings