P Corporation paid $420,000 for 70% of S Corporation's $10 par common stock on December 31, 20X6, when S Corporation's stockholders' equity was made up of $250,000 of Common Stock, $100,000 of Other Contributed Capital and $50,000 of Retained Earnings. S's identifiable assets and liabilities reflected their fair values on December 31, 20X6, except for S's inventory which was undervalued by $40,000 and their land which was undervalued by $25,000. Balance sheets for Pand Simmediately after the business combination are presented below. P Corp. S Corp. Assets Cash 40,000 30,000 Accounts receivable (net) 30,000 45,000 Inventory 185.000 145,000 Land 45.000 120,000 Plant assets (net) 480,000 210,000 Investment in S 420.000 Total assets 1.200.000 550,000 Liabilities and Equity Current liabilities 170,000 150,000 Common stock 600.000 250,000 Other contributed capital 150,000 100,000 Retained earnings 280.000 50.000 Total liabilities and equity 1.200,000 550,000 Prepare the consolidated balance sheet as of December 31, 20X6 and answer the following questions by selecting the best response from the dropdown menu. Total assets of the consolidated entity should be: Select ins Total assets 420,000 1,200,000 550,000 Liabilities and Equity Current liabilities Common stock Other contributed capital Retained earnings Total liabilities and equity 170,000 600.000 150,000 280,000 1,200,000 150,000 250.000 100,000 50.000 550,000 . Prepare the consolidated balance sheet as of December 31, 20X6 and answer the following questions by selecting the best response from the dropdown menu. Total assets of the consolidated entity should be: [ Select] [Select ] $1.530,000 nterest on the consolidated $1,950,000 ct) $1.750,000 $1,200.000 The tocar amount or Guuuwi niat should be reported is: [ Select] . Total equity for the consolidated entity should be: [Select) . Total inventory for the consolidated entity should be: [ Select Investment in s Total assets 420.000 1,200,000 550,000 170.000 600,000 Liabilities and Equity Current liabilities Common stock Other contributed capital Retained earnings Total liabilities and equity 150.000 280,000 150,000 250,000 100,000 50.000 550,000 1.200.000 Prepare the consolidated balance sheet as of December 31, 20X6 and answer the following questions by selecting the best response from the dropdown menu. . Total assets of the consolidated entity should be: [Select] . The amount of noncontrolling interest on the consolidated balance sheet should be: [Select! [Select ] The total amount of good 50 $200.000 [Select] $180,000 $126.000 Total equity for the consomuateur enrerey Sonu De: Select) Total inventory for the consolidated entity should be: [ Select 1 Investment in S 420.000 1,200,000 Total assets 550,000 170,000 600,000 Liabilities and Equity Current liabilities Common stock Other contributed capital Retained earnings Total liabilities and equity 150,000 150,000 250,000 100,000 50,000 550,000 280,000 1,200,000 Prepare the consolidated balance sheet as of December 31, 20X6 and answer the following questions by selecting the best response from the dropdown menu. Total assets of the consolidated entity should be: [Select] . The amount of noncontrolling interest on the consolidated balance sheet should be: [Select] The total amount of goodwill that should be reported is: [ Select] Select] $265,000 Hentity should be: $0 $200,000 $135.000 Tutarentury Torte Coruncated entity should be: [Select 480,000 210,00 Investment in S Total assets 420,000 1,200,000 550,000 Liabilities and Equity Current liabilities 170,000 Common stock 150,000 250,000 Other contributed capital Retained earnings Total liabilities and equity 600,000 150,000 280.000 1,200,000 100,000 50.000 550,000 Prepare the consolidated balance sheet as of December 31, 20X6 and answer the following questions by selecting the best response from the dropdown menu. Total assets of the consolidated entity should be: [ Select The amount of noncontrolling interest on the consolidated balance sheet should be: [Select) . The total amount of goodwill that should be reported is: [ Select] Total equity for the consolidated entity should be: [ Select [ Select) $1.030,000 pted entity should be: $1,210,000 $1.430,000 $400.000 Investment in s Total assets 420.000 1,200,000 550, Liabilities and Equity Current liabilities 150,0 170,000 600,000 150.000 Common stock Other contributed capital Retained earnings Total liabilities and equity 250,0 100,01 50.00 550,00 280,000 1.200.000 Prepare the consolidated balance sheet as of December 31, 20X6 and answer the following questions by selecting the best response from the dropdown menu. Total assets of the consolidated entity should be: Select ] The amount of noncontrolling interest on the consolidated balance sheet should be: [Select] The total amount of goodwill that should be reported is: Select] Total equity for the consolidated entity should be: Select Total inventory for the consolidated entity should be: [ Select 1 Select] $185.000 $225,000 $370,000 $330,000