Question 3. (28 points - 4 pont ach) Peony Corporation acquired 100 percent of Slipper Corporation's common stock for $87,500 on January 1, 2021. Balance sheet data for the companies Immediately following the acquisition follow: Peony Corporation $25,000 37,500 22,700 75,000 103,000 87,500 $350,700 Skipper Company $12,000 24,300 15,700 50,000 72,000 ASSETS Cash Receivables 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 $174,000 $33,200 74,000 103,700 92,000 47,800 $350,700 $23,500 62,000 20,000 36,000 32,500 $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 $75,000; Inventory, which had a fair value of $12,000, and land, which had a fair value of $63,000. 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 land be reported in the consolidated balance sheet prepared immediately after the business combination? c. At what amount should inventory be reported in the consolidated balance sheet prepared immediately after the business combination d. What amount of retained earnings 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? 1. What amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination? 8. At what amount should total assets be reported in the consolidated balance sheet prepared immediately after the business combination Doug Title Addendang Course Codec 5 Page jj c