Slim Corporation’s balance sheet at January 1, 20X7, reflected the

Slim Corporation€™s 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.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...