Advanced Accounting

On January 2, 2019, P Company acquired 92% of the outstanding common stock of S Company for $644,000 cash. The fair values of S Co. assets and liabilities are equal to their book values with the exception of land. Just before the acquisition, the balance sheets of the two companies were as follows: P Co. S Co. Cash $ 700,000 $ 200,000 Accounts Receivable (net) 360,000 60,000 Inventory 290,000 140,000 Plant and Equipment (net) 970,000 240,000 Land 150,000 80,000 Total Assets $2,470,000 $720,000 Accounts Payable $ 310,000 $ 160,000 Mortgage Payable 180,000 100,000 Common Stock, $2 par value 1,000,000 170,000 Other Contributed Capital 520,000 50,000 Retained Earnings 460,000 240,000 Total Equities $2,470,000 $720,000 Use the above information to answer the below: 1- What is the amount of the consolidated assets at acquisition date? 2- What is the amount of the noncontrolling interest at acquisition date? 3- What is the amount of the consolidated cash at acquisition date? 4- What is the amount of the consolidated stock holders equity at acquisition date? 5- What is number of stocks issued by P Co. in exchange of the equity of S Co.? 6- The entry to record the acquisition at P Co. books will included: . Debit Investment in S Co. $500,000 Debit Cash $644,000 . Debit Investment in S Co. $644,000 Credit Common stock $644,000 7- What is the amount of the consolidated land at acquisition date