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. Required 1 Use Word document to complete required 2. 1 Use the following template to complete your week 1 calculation assignment. DO NOT MODIFY THE FORMAT OF THIS SPREADSHEET. (1.e. do not add or delete lines.) 3 You name here below: Save your file as Week 1 Your first name, your last name 4 5 Arizona Corp. Fill in the amount below. 6 (Replace the ? Below with your answer) 7 Inglewood Fair Value Allocation Schedule 8 December 1, 2019 9 10 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