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Use the following information to answer the next questions. On January 1, 2005, Finch Corporation purchased 75% of the common stock of Grass Co. Separate

Use the following information to answer the next questions.

On January 1, 2005, Finch Corporation purchased 75% of the common stock of Grass Co. Separate balance sheet data for the companies at the combination date are given below:

..............Finch .......Grass

Cash $ 34,000 .......$ 206,000

Accounts Receivable 144,000 ......26,000

Inventory 132,000 ........38,000

Land 68,000...... 32,000

Plant assets 700,000 .........300,000

Accum. Depreciation ( 240,000 )....... ( 60,000 )

Investment in Lapp 392,000

Total assets $ 1,230,000 .........$ 542,000

Accounts payable $ 206,000 .......$ 142,000

Capital stock 800,000 .........300,000

Retained earnings 224,000 .........100,000

Total liabilities & equities $ 1,230,000...... $ 542,000

At the date of combination, the book values of Grasss net assets were equal to the fair value except for Grasss inventory, which had a fair value of $60,000. Determine below what the consolidated balance would be for each of the requested accounts.

1) What amount of Goodwill will be reported?

2) What is the reported amount for the non-controlling interest?

3) What is the amount of total assets?

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