The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows:

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:

(a) Wallace’s separate entity financial statements

(b) Au Inc.’s separate entity financial statements

(c) Wallace’s consolidated financial statements

Walla Au Inc. Current assets $310,000 $220,000 Land 630,000 480,000 Other tangible assets 530,000 300,000 Liabilities 430,000 340,000 Common shares 230,000 80,000 Retained earnings, 1/1/Year 4 630,000 270,000 Revenues 830,000 670,000 Expenses 650,000 360,000 On December 31, Year 4, Wallace purchased all of the outstanding shares of Au Inc. by issuing 24,000 common shares with a market value of $31 per share. The carrying amounts of Au Inc's assets and liabilities were equal to fair value except for the following: Fair Value Land $530,000 Other tangible assets 360,000 Liabilities 342,000