Case 2.2 Ship Corporation builds large powerboats, On January 1, 2011, Ship acquires Boat Corporat company that makes small power boats. Ship pays S480 000 in cash for the acquisition of 100% of common stock. Boat has the following balance sheet on January 1,2011 ion, a Boat's Boat Corporation Balance Sheet 1-Jan-11 Assets $2.000 40,000 60,000 200,000 (50,000) 100,000 S 90,000 A/R Inventory Land Buildings AD Equipment A/D Current Liabilities Bonds Payable Common Stock (SI par) APIC Retained Earnings 100,000 10,000 90,000 112,000 Total Assets 402.000 Total Liabilities and SE S 402,000 Appraisal values for identifiable assets and liabilities are as follows: A/R Inventory (sold during 2011) Land Buildings (20-year life) Equipment (5-year life) Current Liabilities Bonds Payable (5-year life S 82,000 38,000 150,000 280,000 90,000 96,000