On July 1, 2014, Piper Corporation issued 23,000 shares of its own $2 par value common stock for 40,000 shares of the outstanding stock of Sector Inc. in an acquisition. Piper common stock at July 1, 2014 was selling at $16 per share. Just before the business combination, balance sheet information of the two corporations was as follows:

Piper Sector Sector

Book Book Fair

Value Value Value

Cash $25,000 $17,000 $17,000

Inventories 55,000 42,000 47,000

Other current assets 110,000 40,000 30,000

Land 100,000 45,000 35,000

Plant and equipment-net 660,000 220,000 280,000

$950,000 $364,000 $409,000

Liabilities $220,000 $70,000 $75,000

Capital stock, $2 par value 500,000 100,000

Additional paid-in capital 170,000 90,000

Retained earnings 60,000 104,000

$950,000 $364,000

Required:

Prepare a consolidated balance sheet for Piper Corporation and Subsidiary immediately after the business combination and write down below the accounts' balances as they show up in the consolidated balance sheet.

Assets:

Cash.......................................Answer

Inventories..............................Answer

Other Current Assets..............Answer

Land........................................Answer

Plant and Equipment..............Answer

Goodwill..................................Answer

Investment in Sector...............Answer

Unamortized Excess...............Answer

Total Assets.............................Answer

Liabilities..................................Answer

Capital Stock..........................Answer

Additional Paid-in Capital.......Answer

Retained Earnings..................Answer

Non-controlling Interest.........Answer

Total Equities..........................Answer