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Please use the information below to answer parts a, b and c. Grande Inc. acquired 100% of the voting common stock of Petite Inc. on

Please use the information below to answer parts a, b and c. Grande Inc. acquired 100% of the voting common stock of Petite Inc. on January 1, 2022. The book value and fair value of Petites accounts on that date (prior to creating the combination) are as follows, along with the book value of Grandes accounts:

Grande Book Value

Petite Book Value

Petite Fair Value

Cash and receivables

280,000

135,000

135,000

Inventory

340,000

190,000

175,000

Land

490,000

300,000

330,000

Buildings (net)

830,000

350,000

340,000

Equipment (net)

655,000

115,000

110,000

Liabilities

900,000

430,000

410,000

Common stock

580,000

180,000

Additional paid-in capital

730,000

250,000

Retained earnings, 1/1/22

385,000

230,000

Assume that Grande issued 15,000 shares of common stock, with a $5 par value and a $54 fair value, to obtain all of Petites outstanding stock. Please note that it would be easier to solve this problem assuming Grande dissolves Petite so that Petite is no longer a separate entity. A. In this acquisition transaction, how much goodwill should be recognized?

B. What will be the Jan 1, 2022 balance in consolidated Common Stock account after the acquisition is completed?

C. What will be the Jan 1, 2022 balance in consolidated Total Assets after the acquisition is completed?

THE ABOVE INFORMATION WAS ALL THAT WAS GIVEN. Please show work and highlight answer. PLEASE COMPLETE ALL PARTS AS IT IS A COMPOUNDING QUESTION and as part of Chegg's guidelines, compounding questions must be answered up to 4 parts.

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