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On January 1, 20X6, Pumpkin Corporation acquired 70 percent of Spice Company's common stock for $210,000 cash. The fair value of the noncontrolling interest at

On January 1, 20X6, Pumpkin Corporation acquired 70 percent of Spice Company's common stock for $210,000 cash. The fair value of the noncontrolling interest at that date was determined to be $90,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

Pumpkin

Spice

Cash

50,000

15,000

Accounts Receivable

70,000

25,000

Inventory

30,000

20,000

Land

150,000

80,000

Buildings and Equipment

250,000

200,000

Less: Accumulated Depreciation

-70,000

-20,000

Investment in Spice Co.

210,000

Total Assets

690,000

320,000

Accounts Payable

40,000

10,000

Bonds Payable

150,000

40,000

Common Stock

300,000

90,000

Retained Earnings

200,000

180,000

Total Liabilities and Equity

690,000

320,000

At the date of the business combination, the book values of Spice's assets and liabilities approximated fair value except for inventory, which had a fair value of $30,000, and land, which had a fair value of $95,000.

1. what amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination?

2. what amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination?

3. what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination?

4.what amount of total liabilities will be reported in the consolidated balance sheet prepared immediately after the business combination?

5. Based on the preceding information, what amount will be reported as noncontrolling interest in the consolidated balance sheet prepared immediately after the business combination?

6. Based on the preceding information, what amount of consolidated retained earnings will be reported in the consolidated balance sheet prepared immediately after the business combination?

7. Based on the preceding information, what amount will be reported as total stockholders' equity in the consolidated balance sheet prepared immediately after the business combination

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