QUESTION 2 State Corporation's balance sheet at January 1, 20X7, reflected the following balances Assets Cash & Receivables Inventory Land Buildings & Equipment (net) Liabilities & Stockholders' Equity $80,000 Accounts Payable $ 40,000 60,000 200,000 250,000 200,000 $750,000 120,000 Income Taxes Payable 70,000 Bonds Payable 480,000 Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Total Assets $750,000 Praise Corporation entered into an active acquisition program and acquired 80 percent of State's common stock on January 1, 20X7, for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117,500. A careful review of the fair value of State's assets and liabilities indicated that the land had a fair value of $120,000 on 1/1/20X7. The values of the other assets and liabilities were estimated to equal their book values Immediately before the acquisition, Praise had the following select balances Land: $95,000 Goodwill none Retained earnings: $288,000 Type ONLY your numeric final answer in each box. You can use commas but do not use any other punctuation. 1. How much goodwill resulted from this acquisition? 2. What will Praise record as Investment in State on its separate financial statements on the 1/1/20X7? The following questions relate to balance sheet accounts in the consolidated financial statements. 3. What is the balance in the Land account? 4. What is the balance in the Goodwill account? 5. What is the balance in the Retained earnings account? 6. What is the balance in the Investment in State account? 7. What is the balance in the Noncontrolling interest account (in the equity section)