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Question 3. (28 points - 4 points each) Peony Corporation acquired 100 percent of Skipper Corporation's common stock for $75,800 on January 1, 2021. Balance

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Question 3. (28 points - 4 points each) Peony Corporation acquired 100 percent of Skipper Corporation's common stock for $75,800 on January 1, 2021. Balance sheet data for the companies immediately following the acquisition follow ASSETS Cash Receivables Peony Corporation Skipper Company $12,000 $5,000 31,700 23,300 22,500 15,700 75,000 50,000 115,000 80,000 75,800 $332,000 $174,000 Inventory Land Buildings and equipment, Net Investment in Subsidiary Total Assets LIABILITIES AND EQUITY Accounts Payable Notes Payable Bonds payable Common Stock Retained Earnings Total Liabilities and Equity $34,200 73,000 125,000 $2,000 47,800 $332,000 $24,500 90,000 20,000 25,000 14,500 $174,000 At the date of the business combination, the book values of Skipper's net assets and liabilities approximated fair value except for building and equipment which had a fair value of $90,000 Inventory, which had a fair value of $14,000, and land, which had a fair value of $65,000 Required a. At what amount should accounts payable be reported in the consolidated balance sheet prepared immediately after the business combination? b. At what amount should inventory be reported in the consolidated balance sheet prepared immediately after the business combination? c. At what amount should land be reported in the consolidated balance sheet prepared immediately after the business combination? d. What amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination? e. What will be the balance of Investment in Subsidiary will be reported in the consolidated balance sheet? f. What amount of common stock will be reported in the consolidated balance sheet prepared Immediately after the business combination? B. At what amount should total assets be reported in the consolidated balance sheet prepared Immediately after the business combination

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