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11) The balance sheets of Company X and Company Y (unrelated companies) on December 31, 2020 are: X Y Current assets Noncurrent assets Total assets $ 13,500 12,700 $ 26,200 $2,000 2,200 $4,200 $2,500 $ 13,800 6,000 Liabilities Common stock ($10 par value). Common stock ($5 par value) Additional paid-in capital Retained eamings Total liabilities and equity 2,500 3,900 $ 26,200 400 800 500 $4,200 On January 2, 2021. Company X issued 100 shares of its own $10 par value common stock (newly issued) in exchange for 100% of Company Y's $5 par value common stock. The fair value of Company X's common stock at that time was $22 per share. At the acquisition date (1.e, exchange date): 1 The fair value of Company Y's inventory is $60 greater than its book value. 2. The fair value of Company Y's property, plant and equipment is $200 greater than its book value 3. The fair values of all other tangible net assets of Company Y are equal to their book values There were no intercompany accounts included on the balance sheets of either company at the exchange date January 2, 2021). If a consolidated balance sheet is prepared immediately after the exchange, which of the following is not a correct statement A) The balance of current assets on the consolidated balance sheet is $15,560. B) The balance of goodwill on the consolidated balance sheet is $240. C) The balance of total assets on the consolidated balance sheet is $30,700. D) The balance of capital stock (common stock plus additional paid-in capital) on the consolidated balance sheet is $10,700 E) The balance of retained earnings on the consolidated balance sheet is $3,900

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