Check my work 1 Statue Corporation's balance sheet at January 1, 20X7, reflected the following balances 25 points Assets Cash & Receivables Inventory Land Buildings & Equipment (net) 5 87,000 134,000 77. eee 497, e8e Liabilities & Stockholders' Equity Accounts Payable Income Taxes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $ 39,800 54,800 292,000 230, cee 188,800 $795,eee 01:39:53 Total Assets $795,000 Book Prize Corporation entered into an active acquisition program and acquired 80 percent of Statue's common stock on January 2, 20x7. for $430,000. The fair value of the noncontrolling Interest at that date was determined to be $107,500. A careful review of the fair value of Statue's assets and liabilities indicated the following: References Inventory Book Value $134,000 77,000 497,eee Fair Value $154,000 67,eee 566,00 Land Buildings & Equipment (net) Check my work 1 Inventory Land Buildings & Equipment (net) Book Value 3134,000 77, de 497.000 Fair Value $150,000 67.ee 566,600 25 points 8 01.29-16 Goodwill is assigned proportionately to Prize and the noncontrolling shareholders Required: Compute the appropriate amount related to Statue to be included in the consolidated balance sheet immediatey following the acquisition for each of the following items ok Amounts Reference a. Inventory Land Buildings and equipment (net) d. Good O: Investment in State Corporation Noncontrolling interest