Post Records Inc. acquired all of Script Studios’ voting shares on January 1, 20X2, for $280,000. Post’s balance sheet immediately after the combination contained the following balances:

Script Studios’ balance sheet at acquisition contained the following balances:

On the date of combination, the inventory held by Script had a fair  value of $170,000, and its buildings and recording equipment had a fair  value of $375,000. Goodwill reported by Script resulted from a purchase  of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Script’s books.

Required

Compute the balances to be reported in the consolidated balance sheet  immediately after the acquisition for:

a. Inventory.

b. Buildings and Equipment (net).

c. Investment in Script Stock.

d. Goodwill.

e. Common Stock.

f. Retained Earnings.

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Cash & Receivables Inventory Land Buildings & Equipment (net) Investment in Script Studios Total Assets POST RECORDS INC. Balance Sheet January 1, 20X2 $120,000 110,000 70,000 350,000 280,000 $930,000 Accounts Payable Taxes Payable Notes Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $ 75,000 50,000 300,000 400,000 105,000 $930,000