What is the amount of consolidated assets on December 31?
On January 1, Fawaz Co. acquired 60% of the outstanding voting stock of Bambi for $26,000 cash consideration. The remaining 40% percent of Bambi had an acquisition date fair value of $6,500. On January 1, Bambi possessed 5-year life equipment that was undervalued in its books by $2,500. Bambi also had developed several secret formulas that Fawaz assessed at $5,000. These formulas, although not recorded on Bambi's financial records, were estimated to have a 20-year future life. Fawaz also determined that the inventory of Bambi is overvalued by $1,000. 80% of these inventories remain unsold by the end of the year. As of December 31, the financial statement is as follows:
| Fawaz (in dollars) | Bambi (in dollars) | |
| Revenues (from sales and individuals) | -30,000 | -20,000 |
| Cost of goods sold | 14,000 | 8,000 |
| Expenses | 2,000 | 1,000 |
| Net Income | -14,000 | -11,000 |
| -30,000 | -15,000 | |
| Net Income | -14,000 | -11,000 |
| Dividends Paid | - | 1,000 |
| Retained Earnings-12/31 | -44,000 | -25,000 |
| Cash and receivables | 21,000 | 9,000 |
| Inventory | 15,000 | 11,000 |
| Investment in Bambi | 26,000 | - |
| Equipment (net) | 44,000 | 30,000 |
| Total Assets | 106,000 | 50,000 |
| Liabilities | -42,000 | -15,000 |
| Common Stock | -20,000 | -10,000 |
| Retained Earnings-12/31 | -44,000 | -25,000 |
| Total Liabilities and Equities | -106,000 | -50,000 |
What is the amount of consolidated assets on December 31?
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