22 P Corporation acquired an 80% interest in s Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $70,000 to S for $86,000. On December 31, 2014, one-fourths of the merchandise acquired from P remained in S Inventory. Separate incomes (investment income not included) of the two companies are as follows: ut of uestion S Sales Revenue $180,000 $160,000 Cost of Goods Sold 120,000 90,000 21,000 Operating Expenses 17,000 Separate incomes $ 43,000 What is P income from S for 2014? $ 49,000 Select one: a. $35,200 b. $43,200 c. $36,000 d. $39,200 36 Xco, purchased 100% of Y Common stock at 1/1/2020 for $ 300,000 on the same date the y co stock was $ 100,000 and retained earning $120,000, at acquisition date the net assets of y co. book value was equal to fair value except (inventory FV more than BV of $26,000) and (land its FV more than BV10,000 ) (Building its FV more than BV by $ 14,000 ) but ( equipment its FV less than B V by $10,000) if Y CO. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends ut of Jestion Other information 1- the y inventory completely sold during 2020 2- the building useful life was 7 years, but equipment 5 years 3- there is no impairment for goodwill during 2020 if equipment balance in 31/12/2020 in parent co 50,000 & In subsidiary co 60,000 what is amount of equipment in consolidated balance sheet in 31/12/2020 Select one: a, 110,000 b. 100,000 c. 120,000 d. 102,000