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

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

Assume the book values of Plural’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 Single Corporation.

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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