Problem 2: Computation of Consolidated Balances Reid Corporation's balance sheet at January 1, 20X9 reflected the following balances: Cash & Receivables Inventory Land Building & Equipment (net) $ 90,000 Accounts Payable $ 30,000 $150,000 Income Taxes Payable $ 75,000 $ 90,000 Bonds Payable $125,00 $ 850,000 Common Stock $550,000 Retained Earnings $400,000 $1,180,000 Total Liabilities & Stockholders E $1,180,000 Total Assets Brown Corporation entered into an active acquisition program and acquired 75 percent of Reid's common stock on January 2, 20X9 for $720,000. The fair value of noncontrolling interest at that date wad determined to be $150,000. A careful review of the fair value of Reid's assets and liabilities indicated the following: Inventory Land Building & Equipment (net) Book Value $150,000 $ 90,000 $ 850,000 Fair Value $190,000 $ 70,000 $975,000 Goodwill is assigned proportionately to Brown and the noncontrolling shareholders. Required: Compute the appropriate amount related to Reid to be included in the consolidated balance sheet immediately following the acquisition for each of the following items: a. Inventory b. Land c. Building and equipment (net) d. Good well Investment in Reid Corporation f. Noncontrolling interest e. NOTE: Please include your name on the work you submit