Lucky's acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterviews balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met. The pre-acquisition balance sheets for the two companies at acquisition date are presented below. Lucky's Waterview Cash $ 300,000 $ 260,000 Accounts receivable 250,000 135,000 Inventory 254,000 275,000 Property, plant, and equipment 2,300,000 356,500 $3,104,000 $1,026,500 Accounts payable $ 45,000 $ 37,500 Salaries and taxes payable 450,000 46,000 Notes payable 500,000 450,000 Common stock 250,000 60,000 Additional paid-in capital 950,000 106,500 Retained earnings 909,000 326,500 $3,104,000 $1,026,500.

1. At what amount is the investment recorded on Lucky's books?

2. What amount of goodwill was recorded in the acquisition?

3. Compute consolidated property, plant & equipment?

4. Compute consolidated inventory.

5. Compute consolidated identifiable intangible assets.

6. What is consolidated retained earnings?

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