Reference no: EM131739950

Question - Assume that, on December 31, 2015, Green Air issued 60,000 shares of common stock with a $1 par value and a $22 fair market value to obtain all of CorGas's outstanding stock.

Account	GreenAir Book Value @ 12/31/15	CorGas Book Value @ 12/31/15	CorGas Market Value @ 12/31/15	Remaining Useful Life for Corgas's Assets
Revenues	$1,800,000	$400,000
Expenses	1,320,000	300,000
R/E, 12/31/14	16,000	88,000
Cash	240,000	120,000	$120,000
Inventory	96,000	20,000	18,000
Land	160,000	50,000	280,000
Buildings (net)	1,400,000	480,000	860,000	10
Equipment (net)	820,000	160,000	100,000	4
Current Liabilities	320,000	92,000	92,000
Common Stock	100,000	100,000
Additional Paid in Capital	1,800,000	450,000

1. Compute the consolidated balance for Land on the date of acquisition, 12/31/15.

2. Compute the consolidated balance for Cash on the date of acquisition, 12/31/15.

3. Compute the consolidated balance for Common Stock on the date of acquisition, 12/31/15.

4. Compute the consolidated balance for Retained Earnings on the date of acquisition, 12/31/15.

5. Compute the consolidated balance for Goodwill on the date of acquisition, 12/31/15.