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Post Records Inc. acquired all of Script Studios' voting shares on January 1,202, for $280,000. Post's balance sheet immediately after the combination contained the following
Post Records Inc. acquired all of Script Studios' voting shares on January 1,202, for $280,000. Post's balance sheet immediately after the combination contained the following balances: Script's balance sheet at acquisition contained the following balances: On the date of combination, the inventory held by Script had a fair value of $170,000, and its buildings and recording equipment had a fair value of $375,000. Goodwill reported by Script resulted from a purchase of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Script's books. Required: Compute the balances to be reported in the consolidated balance sheet immediately after the acquisition for
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