Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2010, for $3,800 cash. As of that date Hurley has the following trial balance (see excel attachment). Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. FIFO inventory valuation method is used. A) Compute the amount of Hurley's inventory that would be reported in a January 1, 2010, consolidated balance sheet. B) Compute the amount of Hurley's buildings that would be reported in a December 31, 2010, consolidated balance sheet. C) Compute the amount of Hurley's equipment that would be reported in a December 31, 2010, consolidated balance sheet. Please show how you work the problem. Thanks!

Debit Cash Accounts Receivable Inventory Buildings (net) (5 yr life) Equipment (net) (2 yr life) Land Accounts Payable Long-Term Liabilities (due 12/31/13) Common Stock Additional Paid-In Capital Retained Earnings Total Credit $500 $600 $800 $1,500 $1,000 $900 $5,300 $400 $1,800 $1,000 $600 $1,500 $5,300 Net Income & Dividends reported by Hurley for 2010 and 2011 follow: Net Income Dividends 2010 $100 $30 2011 $120 $40 The fair value of Hurley's net assets that differ from their book values are listed below: Fair Value Inventory $900 Buildings $1,200 Equipment $1,250 Land $1,300 Long-Term Liabilities $1,700