16. Governmental Accounting. On July 1, 20x8, Cleveland established a capital projects fund to con town hall. Financing for construction came from the following sources (1) Transfer from the general fund (2) Revenue from state grant 3) Proceeds of general obligation bonds 2,000,000 1,000,000 11500.000 Construction of the town hall was completed on June 15, 20x9. For the fiscal year ended June 30, 20x9, what aiouht hould Cleveland's capital projects fund report for revenues on its statement of revenues, expenditur changes in fund balance? es, and a. $1,000,000 b. $1,500,000 c. $3,500,000 d. $14,500,000 e. None of the above ercompany Sales. P Company acquired 60 percent ownership of s Company's voting shares on January ring 20X5, P purchased inventory for $25.000 and sold the full amount to S for $35,000. On December 31 20x5, S's ending inventory included S7,000 of items purchased from 20X2. D Also during 20X5, S purchased inventory for $66,000 and sold the units to P for $96,000. P included $48,000 of its purchase from S in ending inventory on December 31, 20X5. P reported income of $121,500 during the year including Income from S, and S reported income of $89,000. The Income to NC Interest is a. $27,600 b. $29,400 c. $29,600 d. $35,600 e. None of the above 18. Consolidated Income. On January 1, 2015, P Company acquired 60 percent of common shares in exchange for $6,000 cash. The price paid for the 60 percent ownership interest was proportionately representative of the fair value of 60% of S's shares At acquisition date, S's books showed assets of $12.500 and liabilities of $7,500. The recorded assets and liabilities had fair values equal to their individual book values except that a building (10-year remaining life) with book value of S1,000 had an appraised fair value of only $600 Also, at acquisition date S possessed unrecorded copyrights (zero book value) with an estimated fair value of $2,000 and a 40-year life. During 2015 P Company reported net income of $200 (before recognition of S's income), and S separately reported earnings of $500. During 2015, S declared $ 100 in dividends At the end of 2015, one year after the acquisition, the consolidated financial statement should show the parent's share of consolidated income as: a. $440 b. $443 c. $474 d. $494. e. None of the above