26_On December 31, 2008, Mercury Corporation acquired 100% ownership of Saturn Corporation. On that date, Saturn reported assets and liabilities with book values of $300,000 and $100,000, respectively, common stock outstanding of $50,000, and retained earnings of $150,000. The book values and fair values of Saturn's assets and liabilities were same except land which had increased in value by $10,000 and inventories which had decreased by $5,000

Based on the preceding information, what amount of goodwill will be reported if the acquisition price was $240,000?

Select one: a. 15,000 b. 40,000 c. 35,000 d. 0 28_In 2014, P Corporation sold land to its subsidiary, S Corporation, for $38,000. It had a book value of $24,000. In the next year, S corp sold the land for $41,000 to an unaffiliated firm.

Which of the following is correct?

Select one: a. A consolidation working sheet entry is required each year that S co has the land b. No consolidation working sheet entry is required for this transaction in 2014. c. A consolidation working sheet entry is required only if the subsidiary was less than 100% owned in 2014. d. A consolidation working sheet entry was required only if the land was held for resale in 2014 29_X co, 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 .

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

what is amount of goodwill in 1/1/2020 Select one: a. 50,000 b. 80,000 c. 40,000 d. 30,000