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The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just...

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Question

Accounting

The trial balances for Wallace Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows:

Walla Au Inc.
Current assets $ 311,000 $ 221,000
Land 631,000 481,000
Other tangible assets 531,000 301,000
Liabilities 431,000 341,000
Common shares 231,000 81,000
Retained earnings, 1/1/Year 4 631,000 271,000
Revenues 831,000 671,000
Expenses 651,000 361,000

On December 31, Year 4, Wallace purchased all of the outstanding shares of Au Inc. by issuing 25,000 common shares with a market value of $30 per share. The carrying amounts of Au Inc.s assets and liabilities were equal to fair value except for the following:

Fair Value
Land $ 531,000
Other tangible assets 362,000
Liabilities 343,000

Required:

What are the balances for the land, other tangible assets, goodwill, investment in common shares, liabilities, common shares, and revenues after the transaction noted above on: (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.)

(a) Wallaces separate entity financial statements

(b) Au Inc.s separate entity financial statements

(c) Wallaces consolidated financial statements

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