a Use the following to answer questions 2-8: Balance sheets for Fort Corporation and Steele Company on December 31, 2008, before acquisition, are as follows: Fort Steele Cash and Receivables $ 700,000 $240,000 Inventory 720,000 320,000 Land 110,000 60,000 Buildings and Equipment (net) 510,000 160,000 Total $2,040,000 $780,000 Current Payables Long-term Payables Common Stock Retained Earnings Total $ 140,000 420,000 600,000 880,000 $2.040.000 60,000 320,000 200,000 200,000 $780,000 Note that Steele owed Fort $20,000 on account on 12/31; this amount is reflected in the above balances. Fort Corporation acquired 80 percent of Steele Company's outstanding stock for $450,000 cash on January 1, 2009. On that date, the fair value of Fort's depreciable assets was $600,000 and the fair value of Steele's depreciable assets was $280,000. 2. Based on the information given above, what amount of depreciable assets will be reported in a consolidated balance sheet prepared immediately following the combination? A) $6 000. B) $790,000. C) $824,000. $880,000. 3. Based on the information given above, what amount will be reported for retained earnings in a consolidated balance sheet prepared immediately following the combination? A) $ 880,000. B) $1,040,000. C) $1,080,000. D) $1,208,000. a 4. Based on the information given above, what amount of (implied) goodwill will be reported in a consolidated balance sheet prepared immediately following the combination? [Use the algebraic method shown in class.] A) $42,500. B) $ 34,000. $ 50,000. D) $130,000. a 5. Based on the information given above, what amount of total assets will be reported in a consolidated balance sheet prepared immediately following the combination? A) $2,512,500. $2,930,000. $2,950,000. $3,020,000 a