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

Ford Corporation entered into an active acquisition program and acquired 80 percent of Slim€™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 Slim€™s assets and liabilities indicated the following:

Goodwill is assigned proportionately to Ford and the noncontrolling shareholders.

Required
Compute the appropriate amount related to Slim 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 Slim Corporation.
f. NoncontrollingInterest.

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