Lopez Company acquires 100% of the stock of Santiago Corporation on January 1, 2016, for $2,280,000 cash. As of that date, Santiago had the following...

Lopez Company acquires 100% of the stock of Santiago Corporation on January 1, 2016, for $2,280,000 cash. As of that date, Santiago had the following account balances:

Book Value                       Fair Value

Cash                                                 $ 220,000                         $ 220,000

Accounts Receivable                     360,000                               360,000

Inventory                                        480,000                               540,000

Building-net (10 yr life)                    900,000                             720,000

Equipment-net (5 yr life)    600,000                            750,000

Land                                                  540,000                              780,000

Accounts Payable                             240,000                             240,000

Bonds Payable ($500,000 face value)        1,000,000          (due 12/31/19)   1,020,000

Common Stock                             600,000                             

Additional Paid-in Capital                360,000                         

Retained Earnings                            900,000                          

In 2016 and 2017, Santiago had net income of $100,000 and 108,000, respectively. In addition, Santiago paid dividends of $27,000 in both years. Inventory is assumed to be sold in 2016.

1. What was the amount of excess of acquisition price over book value of Santiago's net assets?

2. What is the amount of goodwill at the date of acquisition?

3. What amount of inventory would be added to the parent's inventory balance to get consolidated inventory at the date of acquisition?

4. What amount of Santiago's building would be included on the consolidated balance sheet at December 31, 2016?

5. What amount of Santiago's equipment would be included on the consolidated balance sheet at December 31, 2016?

6. Compute the AAP amortization for 2016.

7. What amount of Santiago's Bonds Payable would appear on the consolidated balance sheet on December 31, 2016?

8. What amount of Santiago's building would be included on the consolidated balance sheet at December 31, 2017?

9. What amount of Santiago's equipment would be included on the consolidated balance sheet at December 31, 2017?

10. What amount of Santiago's land would be included on the consolidated balance sheet at December 31, 2017?

11. What amount of Santiago's Bonds Payable would be included on the consolidated balance sheet at December 31, 2017?

12. Compute the AAP amortization for 2017.

13. What amount of Santiago's stockholders' equity will be included in the consolidated balance sheet at the date of acquisition?