2. P Corporation paid $420,000 for 70% of S Corporations $10 par common stock on December 31, 2011, when S Corporations stockholders equity was made up of $300,000 of Common Stock, $90,000 of Other Contributed Capital and $60,000 of Retained Earnings. Ss identifiable assets and liabilities reflected their fair values on December 31, 2011, except for Ss inventory which was undervalued by $60,000 and their land which was undervalued by $25,000. Balance sheets for P and S immediately after the business combination are presented in the partially completed work-paper below.
ASSETS

Cash
Accounts
receivable-net
Inventories
Land
Plant assets-
net
Investment in
S Corp.
Difference between implied and book value
Goodwill
Total Assets
EQUITIES
Current
liabilities
Capital stock
Additional paid-in capital
Retained earnings
Noncontrolling interest
Total Equities

Required: