1_P Corporation owns 80 percent of S Inc.s common stock. During 2020, P sold Inventory to S for $250,000 on the same terms as sales made to third parties. S sold all of the inventory purchased from P in 2020 The following information pertains to S and P sales for 2020

P s Sales $1,000,000 $ 700,000 Cost of Sales (400,000) (350,000) Gross Profit $ 600,000 $ 350,000 What amount should P report as cost of sales in its 2021 consolidated income statement

Select one:

a. $680,000

b. $430,000

c. $750,000

d. $500,000 2_X Corporation acquired 100 % of Y Corporations outstanding capital stock for $430,000 cash. Immediately before the purchase, the balance sheets of both corporations reported the following: XCO Y CO Assets $2,000,000 $750,000 Liabilities $ 750,000 $400,000 Common Stock 1,000,000 310,000 Retained Earnings 250,000 40,000 Liabilities & Stockholders Equity $2,000,000 $750,000 At the date of purchase, the fair value of Y assets was $50,000 more than the Book value amounts. In the consolidated balance sheet prepared immediately after the purchase,the consolidated stockholders equity should amount to

Select one:

a. 1,600,000

b. 1,680,000

c. 1,650,000

d. 1,250,000 3_Parents co sold land to its subsidiary which cost $15,000 for 10,000,during 2019 subsidiary resold the land for 20,000 to third party in 2020 . the realized income reported in 2019 will be?

Select one:

a. 0

b. 10,000 loss

c. 5,000 loss

d. 5,000 profit