Power Corporation acquired 70 percent of Silk Corporation’s common stock on December 31, 2012

Power Corporation acquired 70 percent of Silk Corporation’s common stock on December 31, 2012. Balance sheet data for the two companies immediately following the acquisition follow:

Power

Silk

  Item

Corporation

Corporation

  Assets

  Cash

$

44,000  

$

30,000  

  Accounts Receivable

110,000  

45,000  

  Inventory

130,000  

70,000  

  Land

80,000  

25,000  

  Buildings and Equipment

500,000  

400,000  

  Less: Accumulated Depreciation

(223,000) 

(165,000) 

  Investment in Silk Corporation Stock

150,500  

  Total Assets

$

791,500  

$

405,000  

  Liabilities and Stockholders’ Equity

  Accounts Payable

$

61,500  

$

28,000  

  Taxes Payable

95,000  

37,000  

  Bonds Payable

280,000  

200,000  

  Common Stock

150,000  

50,000  

  Retained Earnings

205,000  

90,000  

  Total Liabilities and Stockholders’ Equity

$

791,500  

$

405,000  

At the date of the business combination, the book values of Silk’s net assets and liabilities approximated fair value except for inventory, which had a fair value of $85,000, and land, which had a fair value of $45,000. The fair value of the noncontrolling interest was $64,500 on December 31, 2012.

1.

What amount of inventory will be reported?

2.

What amount of goodwill will be reported?

3.

What amount of total assets will be reported?

4.

What amount of total liabilities will be reported?

5.

What amount will be reported as noncontrolling interest?

6.

What amount of consolidated retained earnings will be reported?

7.

What amount of total stockholders’ equity will be reported?