Assets Cash & Receivables 10 points Inventory Land 5 Statue Corporation's balance sheet at January 1, 20X7, reflected the following balances Liabilities & Stockholders fosity Accounts Payable Income Taxes Payable 500,000 120,000 70,000 Bonds Payable Buildings & Equipment (net) 480,000 Common Stock Retained Earnings Total Assets $750,000 Total Liabilities & Stockholders' Equity $40,000 00,000 200,000 250,000 200,000 $250,000 eBook Print References Prize Corporation entered into an active acquisition program and acquired 80 percent of Statue's common stock on January 2, 20x7 for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117.500 A careful review of the fair value of Statue's assets and liabilities indicated the following: Inventory Land Buildings & Equipment (net) Book Value $120,000 Fair Value $140,000 70,000 400,000 60,000 550,000 Goodwill is assigned proportionately to Prize and the noncontrolling shareholders Required: D Compute the appropriate amount related to Statue to be included in the consolidated balance sheet immediately folowing the acquisition for each of the following items: a. Inventory b. Land c Buildings and equipment (net) d. Goodwill e Investment in Statue Corporation Ir Noncontrollinn Interect Amounts Brow Next> Help