Astor Corporation€™s balance sheet at January 1, 20X7, reflected the following balances:

Phel Corporation, which had just entered into an active acquisition program, acquired 100 percent of Astor€™s common stock on January 2, 20X7, for $576,000. A careful review of the fair value of Astor€™s assets and liabilities indicated the following:

Assume the book values of Phel€™s Inventory, Land, and Buildings and Equipment accounts are $300,000, $85,000, and $1,200,000, respectively.

Required
Compute the appropriate amount 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 AstorCorporation.

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Cash & Receivables Inventory Land Buildings & Equipment (net) 5 80,000 Accounts Payable 40,000 60,000 200,000 250,000 200,000 120,000 Income Taxes Payable 70,000 Bonds Payable 480,000 Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Total Assets 5750,000 $750,000 Book Value Fair Value Inventory Land Buildings & Equipment (net) $120,000 70,000 480,000 $140,000 60,000 550,000