Determining Balance Sheet Prior to Consolidation

On January 1, 2011, Pat Company purchased 90% of the outstanding common stock of Solo Company for $236,000 cash. The balance sheet for Pat Company just before the acquisition of Solo Company stock, along with the consolidated balance sheet prepared at the date of acquisition, follows.

Â	Pat Company December 31, 2010	Consolidated January I, 2011
Cash	$ 540,000	$ 352,000
Accounts receivable	272,000	346,000
Advances to Solo Company	10,000	Â
Inventory	376,000	451,000
Plant and equipment	622,000	820,000
Land	350,000	421,000
Total	$2,170,000	$2,390,000
Accounts payable	$ 280,000	$ 386,000
Long-term liabilities	520,000	605,500
Noncontrolling interest in subsidiary	Â	28,500
Common stock	890,000	890,000
Other contributed capital	300,000	300,000
Retained earnings	180,000	180,000
Total	$2,170,000	$2,390,000

One week before the acquisition, Pat Company had advanced $10,000 to Solo Company. Solo Company had not yet recorded the transaction on the date of acquisition. In addition, on the date of acquisition, Solo Company owed Pat Company $4,000 for purchases of merchandise on account. The merchandise had been sold to outside parties prior to the date of acquisition.

Required:

1. Determine the amount of cash that appeared on Solo Company"s balance sheet immediately prior to the acquisition of its stock by Pat Company.
2. Determine the amount of total stockholders" equity on Solo Company"s separate balance sheet at the date of acquisition.
3. Determine the amount of total assets appearing on Solo Company"s separate balance sheet on the date of acquisition.