3) The Henry, Isaac, and Jacob account balances s partnership was about to enter liquidation with the following Cash Other assets Liabilities $90,000 $300,000 $60,000 $5,000 Estimated liquidation expenses Based on this information, what amount of cash was available for safe payments? A) $30,000 B) $85,000 C) $25,000 D) $35,000 E) $40,000 14) Pride Corporation uses the equity method of accounting, when would Pride record goodwill as an asset? A) When Pride's stock is purchased by a shareholder for more than the shares are valued at on the stock market (i.e., the buyer pays a premium) B) When Pride purchases shares of Lion Company at a premium, giving it significant C) When Pride purchases shares of Lion Company at a premium, giving it control over Lion, D) GAAP accounting does not allow Pride to record goodwill under any scenario. influence over Lion, and Lion's fair value of its net assets is greater than its book value. Purchase price exceeds the fair value of the assets. and Lion's fair value of its net assets is greater than its book value. E) Answer B and Answer C