Winter Inc, purchased 80% of the stock of Spring on January 1, 2020, for $1, 200,000. Winter did not pay a control premium.

At the date of acquisition Spring reported the following balance sheet amounts

Assets

Liabilities & Equity

Cash$360,000

Accounts Payable$800,000

Receivables

240,000

Total liabilities

800,000

Land

180,000

Common Stock

300,000

Buildings (net)

920,000

Retained earnings

600,000

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Total Equity

900,000

Total Assets$850,000

Total Liabilities & Stockholders' Equity$900,000

Spring 's land had a fair value of $4800,000 on January 1,2020.All of the other identifiable assets and liabilities of Spring had fair values equal to their book values.

Winter Inc, had the following select balances on its separate balance sheet at date of acquisition

Land: $424,000

Goodwill: none

Common stock: $1,280,000

1. What will Winter record as Investment in Spring on its separate financial statements prepared immediately after the acquisition?

Find the amount in the balance sheet accounts in the CONSOLIDATED financial statements that are prepared on the date of acquisition.

2. Land account?

3. Goodwill account?

4. Common stock account?

5. Investment in Spring account?

6. Noncontrolling interest account

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