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Slim Corporations balance sheet at January 1, 20X7, reflected the following balances: Assets Liabilities & Stockholders Equity Cash & Receivables $ 92,000 Accounts Payable $

Slim Corporations balance sheet at January 1, 20X7, reflected the following balances:

Assets

Liabilities & Stockholders Equity

Cash & Receivables

$

92,000

Accounts Payable

$

24,000

Inventory

131,000

Income Taxes Payable

50,000

Land

85,000

Bonds Payable

286,000

Buildings & Equipment (net)

484,000

Common Stock

241,000

Retained Earnings

191,000

Total Assets

$

792,000

Total Liabilities & Stockholders Equity

$

792,000

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

$

131,000

$

151,000

Land

85,000

75,000

Buildings & Equipment (net)

484,000

552,000

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:

A. Inventory

B. Land

C. Buildings and Equipment (net)

D. Goodwill

E. Investment in Slim Corporation

F. Noncontrolling Interest

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