8. P acquired 100% of Son 12/31/10 for $5,000 at which time Shad common stock of $1,000 and Retained Earnings of $2.000 Information about assets and liabilities whose FVs and BVs differ appear below. P'S COST CS RE BVSE YRS 2011 2014 ACCOUNT INVENTORY EQUIPMENT PATENT NOTES PAY TOTAL GOODWILL FMV 600 700 1,000 (800) BV 400 1,100 500 (900) Complete the allocation schedule and calculate the balance in P's investment account assuming full-equity method and SNI = $500 in 2011, dividends :$0. If the Investment account has a balance of $2,500 @ 12/31/14, and there has been no change in is the balance in S's retained earnings at that date? If Phad paid $3,200 for S, what would be the value assigned to S's Inventory in the consolidated statements? What would be the effect on income for 2010? 8. P acquired 100% of Son 12/31/10 for $5,000 at which time Shad common stock of $1,000 and Retained Earnings of $2.000 Information about assets and liabilities whose FVs and BVs differ appear below. P'S COST CS RE BVSE YRS 2011 2014 ACCOUNT INVENTORY EQUIPMENT PATENT NOTES PAY TOTAL GOODWILL FMV 600 700 1,000 (800) BV 400 1,100 500 (900) Complete the allocation schedule and calculate the balance in P's investment account assuming full-equity method and SNI = $500 in 2011, dividends :$0. If the Investment account has a balance of $2,500 @ 12/31/14, and there has been no change in is the balance in S's retained earnings at that date? If Phad paid $3,200 for S, what would be the value assigned to S's Inventory in the consolidated statements? What would be the effect on income for 2010