Answer:
Pace Corporation and Spin Company
1. Land should be reported in the consolidated balance sheet as 
a. $130,000
2. Total assets:
b. $735,000
3. The differential associated with the acquisition:
b. $21,000
4. Goodwill
b. $21,000
5. Amount of liabilities in the consolidated balance sheet:
b. $406,000
Explanation:
a) Data:
Item                                                       Pace              Spin 
                                                        Corporation     Company  
Cash                                                  $30,000        $25,000
Accounts Receivable                          80,000          40,000
Inventory                                            150,000          55,000
Land                                                    65,000          40,000
Buildings and Equipment                260,000         160,000
Less: Accumulated Depreciation   (120,000)        (50,000)
Investment: Spin Company Stock   150,000
Total Assets                                   $615,000       $270,000
Accounts Payable                         $45,000         $33,000
Taxes Payable                                20,000              8,000
Bonds Payable                             200,000          100,000
Common Stock                              50,000           20,000
Retained Earnings                       300,000          109,000
Total Liabilities and Stockholders’ 
   Equity                                      $615,000       $270,000
b) Consolidated Balance Sheets
Item                                     Pace             Spin            Total
                                       Corporation     Company    Group
Cash                                   $30,000      $25,000          $55,000
Accounts Receivable           80,000        40,000           120,000
Inventory                             150,000        60,000          210,000
Land                                     80,000        50,000           130,000
Buildings and Equipment 260,000       160,000         420,000
Less: Accumulated 
   Depreciation                  (120,000)      (50,000)         (170,000)
Investment: 
  Spin Company Stock      150,000                                 0
Goodwill                                                                           21,000
Total Assets                    $630,000    $285,000       $786,000
Accounts Payable            $45,000       $33,000         $78,000
Taxes Payable                   20,000            8,000           28,000
Bonds Payable                200,000        100,000         300,000
Common Stock                 50,000         20,000           50,000
Retained Earnings          300,000        109,000        300,000
Assets Revaluation           15,000          15,000          30,000
Total Liabilities and Stockholders’ 
   Equity                        $630,000     $285,000     $786,000
c) Differential on acquisition = investment (of subsidiary) - net assets
= $150,000 - ($270,000 - 141,000)  = $21,000