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MULTIPLE CHOICE-35 POINTS@ 5 EACH On January 1, 20x9, Gulliver Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Gulliver Corp Sea-Gull Corp. Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in Sea-Gull Corp. Total Assets 60,000 80,000 90,000 100,000 200,000 (80,000) 160,000 $ 20,000 30,000 40,000 40,000 150,000 (50,000) 5610.000$230,000 Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity s 110,000 30,000 40,000 40,000 120,000 S 230,000 95,000 200,000 205,000 $ 610,000 At the date of the business combination, the book values of Sea-Gul's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000. (MUST SHOW ALL COMPUTATIONS) 1. Based on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination? $130,000 B $135,000 C. $90,000 D. $45,000 2. Based on the preceding information, what amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination? A. $0 B. $40,000 20,000 D. $15,000