Homework Answers
Determine the amount to be included in consolidated balance sheet as follows:
a.
Inventory:
Value of inventory in the consolidated balance sheet is the fair value of inventory of statue’s $ 140,000.
b.
Land:
Value of land in the consolidated balance sheet is the fair value of land of statue’s $60,000.
c.
Building and equipment (net):
Value of building and equipment in the consolidated balance sheet is the fair value of building and equipment of statue’s $ 550,000.
d:
Goodwill:
e.
Investment in Statue corporation:
Investment in Statue corporation will not be reported in the consolidated balance sheet as it will be adjusted with assets and liabilities.
f.
Non-controlling interest:
Value of non-controlling interest in the consolidated balance sheet is the fair value of non-controlling interest that is already given $ 117,500.
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