1) The balance of common stock of S Co. at acquisition date was: *

a) $1,625,000

b) $1,850,000

c) $2,000,000

d) $1,960,000

2) The eliminating entries for a consolidated statements workpaper on December 31, 2019, will include: *

a) Debit Investment in S Co. $2,080,000

b) Credit Retained Earnings $600,000

c) Credit Dividends Declared $160,000

d) Debit Dividend Income $128,000

3) The difference between implied and book value at acquisition date was: *

a) $120,000

b) $175,000

c) $125,000

d) $150,000

4) The Noncontrolling Interest balance at Dec 31, 2019 : *

a) $587,000

b) $558,000

c) $576,000

d) $535,000

5) The eliminating entries for a consolidated statements workpaper on December 31, 2019, will include: *

a) Credit non Noncontrolling Interest $520,000

b) Credit Dividend Income $160,000

c) Debit Investment in S Co. $2,080,000

d) Credit Retained Earnings $600,000

On January 1, 2019, P Company purchased an 80% interest in the common stock of S Company for $2,080,000, which was $120,000 greater than the book value of equity acquired. The difference between implied and book value relates to the subsidiary's land. S Co. stockholders' equity includes only common stock and retained earnings. The following information is from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2019 knowing that P Co. uses the cost method.: 1/01/19 retained earnings Net income Dividends declared 31/12/19 retained earnings S COMPANY $600,000 440,000 (160,000) $880,000 CONSOLIDATED BALANCES $2,800,000 1,360,000 (280,000) $3,880,000 Use the above information to answer the following