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On December 31, 20X9, Mickey Company acquired 80% of Minnie Corporation's common stock for $240,000. Balance sheet information for Minnie just prior to acquisition is
On December 31, 20X9, Mickey Company acquired 80% of Minnie Corporation's common stock for $240,000. Balance sheet information for Minnie just prior to acquisition is given here: Cash Inventory Land Buildings & Equipment, net Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Equity 35,000 75,000 100,000 220,000 430,000 65,000 150,000 100,000 115,000 430,000 At the date of business combination, Minnie's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, land which had a fair value of $125,000 and buildings & equipment which had a fair value of $250,000. 1. What amount of inventory will be included in the consolidated balance sheet? 2. What is the book value of Minnie Corporation? 3. What is the fair value of net identifiable assets in this transaction? 4. What amount of goodwill will be included in the consolidated balance sheet immediately following the acquisition? 5. What is the value of NCI in NA at acquisition? 6. What amount will be included as investment in Minnie in the consolidated balance sheet immediately following the acquisition
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