20. Company A acquires 90% of the common stock of Company B on December 31, 2019, by paying $320,000 cash to the shareholders of Company B. The two firm's pre-acquisition balance sheets as of December 31, 2019 and pre-acquisition pro forma income statements for the year ending December 31, 2020 are presented below: (6 points) Pre-Acquisition Balance Sheet December 31, 2019 Current Assets Other Assets Total Assets Current Liabilities Common Stock Retained Earnings Total Liabilities & Equity Company A $850,000 550,000 $1,400,000 $700,000 450,000 250,000 $1,400,000 Company B $275,000 145,000 $420,000 $245,000 100,000 75,000 $420,000 Unconsolidated Income Statement December 31, 2020 Revenue Expenses Net Income Dividends Company A $1,200,000 750,000 $450,000 Company B $550,000 440,000 $110,000 $25,000 As of the date of the transaction, total assets reported by Company A is: A. $1,080,000 B. $1,440,000 C. $1,500,000 For the year ended December 31, 2020, Company A's pro forma consolidated net income is: A. $495,000 B. $549,000 C. $576,000 As of December 31, 2020, Company A should report a minority ownership interest of: A. $0 B. $33,000 C. $26,000