Statue Corporation’s balance sheet at January 1, 20X7, reflected the following balances: Assets Liabilities & Stockholders’ Equity Cash & Receivables $86,000 Accounts Payable $37,000 Inventory 131,000 Income Taxes Payable 52,000 Land 85,000 Bonds Payable 283,000 Buildings & Equipment (net) 486,000 Common Stock 233,000 Retained Earnings 183,000 Total Assets $788,000 Total Liabilities & Stockholders ’ Equity $788,000Prize Corporation entered into an active acquisition program and acquired 80 percent of Statue's common stock on January 2, 20X7, for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117,500. A careful review of the fair value of Statue's assets and liabilities indicated the following: Book Value Fair ValueInventory $120,000 $140,000 Land 70,000 60,000 Buildings & Equipment (net) 480,000 550,000 Goodwill is assigned proportionately to Prize and the noncontrolling shareholders. Required:Compute the appropriate amount related to Statue to be included in the consolidated balance sheet immediately following the acquisition for each of the following items:Items AmountsInventory 140,000Land 60,000Building and Equipment 550,000Goodwill Investment in Statue 0No controlling Interest