E5-4 Computation of Consolidated Balances LO 5-2 Statue Corporation's balance sheet at January 1, 20X7, reflected the following balances: Liabilities&Stockholders Equity Assets Cash & Receivables Inventory Land Buildings&Equipment (net) 83,000 Accounts Payable 127,000 Income Taxes Payable 73,000 Bonds Payable 00,000 Common Stock 22,000 46,000 273,000 246,000 196,000 $783,000 Retained Earnings Total Assets $783,000 Total Liabilities&stockholders Equity Prize Corporation entered into an active acquisition program and acquired 80 percent of Statue's common stock on January 2, 20X7, for $462,000. The fair value of the noncontrolling interest at that date was determined to be $115,500. A careful review of the fair valu of Statue's assets and liabilities indicated the following: Inventory Land Buildings& Equipment (net) $127,000 73,000 500,000 k ValueFair Value $147,000 63,000 564,000 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 immediately following the acquisition for each of the following items: Amounts a. IInventorv f rize Corporation entered into an active acquisition program and acquired 80 percent of Statue's common stock on January 2 or $462,000. The fair value of the noncontrolling interest at that date was determined to be $115,500. A careful review of the f f Statue's assets and liabilities indicated the following: Book Value Fair Value Inventory Land Buildings & Equipment (net) $127,000 147,000 63,000 564,000 73,000 500,000 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 immediately following the acquisition for each of the following items: Amounts a. Inventory b. Land c. Buildings and equipment (net) d. Goodwill e. Investment in Statue Corporation Noncontrolling interest