Statue Corporation’s balance sheet at January 1, 20X7, reflected the following balances:

Prize Corporation entered into an active acquisition program and acquired 80 percent of Statue’s common stock on January 2, 20X7, for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117,500. A careful review of the fair value of Statue’s assets and liabilities indicated the following:

Goodwill is assigned proportionately to Prize and the noncontrolling shareholders.

RequiredCompute the appropriate amount related to Statue to be included in the consolidated balance sheet immediately following the acquisition for each of the following items:

a. Inventory

b. Land

c. Buildings and equipment (net)

d. Goodwill

e. Investment in Statue Corporation

f. Noncontrolling interest

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Cash & Receivables Inventory Land Buildings & Equipment (net) Total Assets $ 80,000 120,000 70,000 480,000 $750,000 Accounts Payable Income Taxes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $ 40,000 60,000 200,000 250,000 200,000 $750,000