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