500 $0 QUESTION 27 Company P purchased 70% stock in Company S on Jan 1, 20x1 for $80,000 cash. Just before acquisition, the cash balance of P was $150,000 and the cash balance of Company S was $40,000 In the consolidated balance sheet after the acquisition, the cash balance will be reported at $50,000 $160,000 $90,000 $110,000 QUESTION 28 On January 1, 20XB, Gregory Corporation acquired 90 percent of Nova Company's voting stock, at underlying book value. The fair val Nova's stock was equal to its books value. Gregory uses the cost method in accounting for its ownership of Nova. The income statem Gregory and Nova for the year 20X8 are given below: O Sex and submit to see and submit. Click Save All Answers to save all answers. Save All