On January 1, 2018, Homer, Inc. acquired 80% of the outstanding voting common stock of Bart Corp.by issuing 70,000 shares of its $1 par value stock. The shares have a fair value of $15 per share. Homer also paid $125,000 in direct acquisition costs and $60,000 in stock issuance costs. There is no active market for Bart's stock. At the date of acquisition, Homer's valuation team determined that Bart's equipment (with a 10-year remaining life) was undervalued by $127,000. Additionally, Bart had an unrecorded copyright with a value of $240,000 and an estimated remaining useful life of 20 years, as well as a contingent liability related to a legal claim against the company in the amount of $150,000. Homer's management had determined that is was probable that the contingent liability would be settled for $70,000 on a present value basis. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Homer, Inc. Bart, Corp. Revenues $ 745,000 $280,000 Cost of goods sold (298,000) (112,000) Operating expenses (251,000) _(14,000) Net income $ 196,000 $154,000 $ 420,000 $210,000 196,000 154,000 Retained earnings, 1/1/18 Net income (above) Dividends paid Retained earnings, 12/31/18 $ 616,000 $364,000 $ 289,000 $ 198,500 154,000 Cash and receivables Inventory Accounts Receivable Investment in Strong Corp Equipment (net) 274,000 105,000 1,050,000 38,000 0 1,026,000 820,000 Total assets $2,744,000 $1,210,500 Liabilities $ 588,000 $ 196,000 430,000 280,000 1,260,000 220,500 Common stock Additional Paid-In Capital Retained earnings, 12/31/18 (above) Total liabilities and stockholders' equity 616,000 364,000 $2,744,000 $1,210,500 During 2018, Homer bought inventory for $90,000 and sold it to Bart for $120,000. Only half of the inventory purchase price had been remitted to Homer by Bart at year-end. As of December 31, 2018, 40% of these goods remained in the company's possession. (i) What is the amount of goodwill that will be included in the December 31, 2018 consolidated balance sheet, assuming no impairment? Select one: O a. $124,000 O b. $155,000 c. $452,000 O d. $15,000 During 2018, Homer bought inventory for $90,000 and sold it to Bart for $120,000. Only half of the inventory purchase price had been remitted to Homer by Bart at year-end. As of December 31, 2018, 40% of these goods remained in the company's possession. (iv) What is the total of consolidated revenues? Select one: a. $905,000 b. $977,000 O c. $1,145,000 O d. - $1,025,000 e. $1,097,000 During 2018, Homer bought inventory for $90,000 and sold it to Bart for $120,000. Only half of the inventory purchase price had been remitted to Homer by Bart at year-end. As of December 31, 2018, 40% of these goods remained in the company's possession. (vii). What is the non-controlling interest in the net income of Bart at December 31, 2018? Select one: O a. 23,460 O b. $30,800 c. $28,400 O d. $25,860 e. $28,260 During 2018, Homer bought inventory for $90,000 and sold it to Bart for $120,000. Only half of the inventory purchase price had been remitted to Homer by Bart at year-end. As of December 31, 2018, 40% of these goods remained in the company's possession. (x) What is the total of consolidated liabilities? Select one: O a. $744,800 . O b. $784,000 O c. $794,000 O d. $724,000 e. $684,800 (iii) What is the total of consolidated accounts receivable at December 31, 2018? Select one: O a. $87,400 Ob. $135,400 O c. $ 83,000 d. $98,000 e. $143,000 (1) What is the total of consolidated operating expenses? Select one: O a. $289,700 O b. $240,300 O c. $265,000 O d. $414,700 O e. $390,000 (viii). What is the consolidated total for equipment (net) at December 31, 2018? Select one: O a. $1,846,000 O b. $1,833,300 O c. $1,960,300 O d. $1,140,300 O e. $1,973,000 (ii) What was the Additional paid-in capital of Homer prior to the acquisition of Bart? Select one: O $920,000 a. O b. $0 O c. $280,000 d. $340,000 (vi) What is the total of consolidated cost of goods sold? Select one: O a. $398,000 O b. $298,000 O c. $302,000 O d. $410,000 e. $392,000 (ix) What is the consolidated total for inventory at December 31, 2018? Select one: O a. $428,000 O b. $397,200 C. $398,000 O d. $387,600 O e. $416,000