Arizona Corp. had the following account balances at 12/1/19: Receivables: $96,000; Inventory: $240,000: Land: $720,000: Building: $600,000: Liabilities: $480,000; Common stock: $120,000: Additional paid-in capital: $120,000: Retained earnings, 12/1/19: $840,000; Revenues: $360,000; and Expenses: $264,000. Several of Arizona's accounts have fair values that differ from book value. The fair values are: Land $480,000; Building $720,000: Inventory $336,000; and Liabilities $396,000. Inglewood Inc. acquired all of the outstanding common shares of Arizona by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. Imagine you are the decision maker at Inglewood Inc. Prepare a fair value allocation and goodwill schedule at the date of the acquisition. Determine in 525- words whether you would encourage acquiring Arizona Corp? Be sure to include your rationale. Submit your assignment. 5 Arizona Corp. 7 Inglewood Fair Value Allocation Schedule 3 9 December 1, 2019 o Payment by Inglewood ($66 fair value x 20,000 sh) 11 Book value of Arizona Corp. (assets - liabilities)* 12 Excess of fair value over book value Allocation to specific accounts between fair value and 13 book value: 14 Inventory (undervalued) 15 Land (overvalued) 16 Building (undervalued) 17 Liabilities 18 Goodwill 19 20 2 P ? ? Fill in the amount below. (Replace the? Below with your answer) ? 1,176,000 Given to you in this case