Question: On January 1 , 2 0 X 2 , Peter Corporation reported total assets of $ 1 , 0 0 0 , 0 0 0

On January 1,20X2, Peter Corporation reported total assets of $1,000,000, liabilities of $500,000, and stockholders equity of $500,000. At that date, Sam Corporation reported total assets of $600,000, liabilities of $300,000, and stockholders equity of $300,000. After a friendly takeover, Peter paid Sams existing shareholders both bond of $80,000 and $100,000 in cash for acquiring 60% of the voting common shares of Sam. Required: (Show your detailed computation process.) a) What amount of total assets did Peter report in its individual balance sheet on Jan 1,20X2? b) What amount of total assets did Peter report in the consolidated balance sheet on Jan 1,20X2? c) What amount of total liabilities did Peter report in the consolidated balance sheet on Jan 1,20X2? d) What amount of noncontrolling did Peter report in the consolidated balance sheet on Jan 1,20X2? e) What amount of total equity did Peter report in the consolidated balance sheet on Jan 1,20X2?

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