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Slim Corporations balance sheet at January 1, 20X7, reflected the following balances: Assets Liabilities & Stockholders Equity Cash & Receivables $ 99,000 Accounts Payable $
Slim Corporations balance sheet at January 1, 20X7, reflected the following balances: |
Assets | Liabilities & Stockholders Equity | ||||||||
Cash & Receivables | $ | 99,000 | Accounts Payable | $ | 28,000 | ||||
Inventory | 126,000 | Income Taxes Payable | 43,000 | ||||||
Land | 70,000 | Bonds Payable | 281,000 | ||||||
Buildings & Equipment (net) | 489,000 | Common Stock | 241,000 | ||||||
Retained Earnings | 191,000 | ||||||||
Total Assets | $ | 784,000 | Total Liabilities & Stockholders Equity | $ | 784,000 | ||||
Ford Corporation entered into an active acquisition program and acquired 80 percent of Slims common stock on January 2, 20X7, for $452,000. The fair value of the noncontrolling interest at that date was determined to be $113,000. A careful review of the fair value of Slims assets and liabilities indicated the following: |
Book Value | Fair Value | |||||||
Inventory | $ | 126,000 | $ | 146,000 | ||||
Land | 70,000 | 60,000 | ||||||
Buildings & Equipment (net) | 489,000 | 556,000 | ||||||
Goodwill is assigned proportionately to Ford and the noncontrolling shareholders. |
Required: |
Compute the appropriate amount related to Slim to be included in the consolidated balance sheet immediately following the acquisition for each of the following items: |
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