On January 1, 20X9, Gulliver Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

Gulliver Corp. Sea-GullCorp.
Cash $60,000 ] $20,000
Accounts Receivable 80,000 30,000
Inventory 90,000 40,000
Land 100,000 40,000
Buildings and Equipment 200,000 150,000
Less: Accumulated Depreciation (80,000) (50,000)
Investment in Sea-Gull Corp. 160,000
Total Assets $610,000 $230,000
Accounts Payable $110,000 $30,000
Bonds Payable 95,000 40,000
Common Stock 200,000 40,000
Retained Earnings 205,000 120,000
Total Liabilities and Equity $610,000 $230,000
At the date of the business combination, the book values of Sea-Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000.

24. Based on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination?

A. $130,000
B. $135,000
C. $90,000
D. $45,000

25. Based on the preceding information, what amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination?

A. $0
B. $40,000
C. $20,000
D. $15,000

26. Based on the preceding information, what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination?

A. $720,000
B. $840,000
C. $825,000
D. $865,000

27. Based on the preceding information, what amount of total liabilities will be reported in the consolidated balance sheet prepared immediately after the business combination?

A. $395,000
B. $280,000
C. $275,000
D. $195,000

28. Based on the preceding information, what amount will be reported as noncontrolling interest in the consolidated balance sheet prepared immediately after the business combination?

A. $0
B. $15,000
C. $40,000
D. $46,000

29. Based on the preceding information, what amount of consolidated retained earnings will be reported immediately after the business combination?

A. $205,000
B. $120,000
C. $325,000
D. $310,000

30. Based on the preceding information, what amount will be reported as total stockholders' equity in the consolidated balance sheet prepared immediately after the business combination?

A. $445,000
B. $205,000
C. $565,000
D. $550,000