Post Records Inc. acquired all of Script Studios' voting shares on January 1, 20X2, for $280,000. Post's balance sheet immediately after the combination contained the following balances: POST RECORDS INC. Cash and Receivables Inventory Land $120,000 110,000 Buildings and Equipment (net) Balance Sheet January 1, 20X2 Accounts Payable Taxes Payable 70,000 Notes Payable 350,000 Common Stock $ 75,000 50,000 300,000 400,000 Investment in Script Studios Total Assets 280,000 Retained Earnings 105,000 $930,000 Total Liabilities and Stockholders' Equity $930,000 Script's balance sheet at acquisition contained the following balances: SCRIPT STUDIOS Balance Sheet January 1, 20X2 Cash and Receivables Inventory Buildings and Equipment (net) Goodwill Total Assets $ 40,000 Accounts Payable $ 90,000 180,000 Notes Payable 250,000 350,000 Common Stock 100,000 30,000 Additional Paid-In Capital Retained Earnings 200,000 (40,000) $600,000 Total Liabilities and Stockholders' Equity $600,000