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The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows: Current assets
The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows: Current assets Land Other tangible assets Liabilities Common shares Retained earnings, 1/1/Year 4 Revenues Expenses Land Other tangible assets Liabilities On December 31, Year 4, Wallace purchased all of the outstanding shares of Au Inc. by issuing 36,000 common shares with a market value of $28 per share. The carrying amounts of Au Inc.'s assets and liabilities were equal to fair value except for the following: Fair Value $524,000 348,000 336,000 Walla $304,000 624,000 524,000 424,000 224,000 624,000 824,000 644,000 Land Other tangible assets (a) Wallace's separate entity financial statements (b) Au Inc.'s separate entity financial statements (c) Wallace's consolidated financial statements Required: What are the balances for the land, other tangible assets, goodwill, investment in common shares, liabilities, common shares, and revenues after the transaction noted above on: (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.) Goodwill Investment in common shares Hishilitiar Au Inc. $214,000 474,000 294,000 334,000 74,000 264,000 664,000 354,000 (a) Wallace separate (b) Au separate $ ADETUT (c) Wallace consolidated
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