Acctg501 F16 Advanced Financial Accounting SISU Use the following information to answer questions 12-17 below: On January 1, 2011. Pride, Inc, acquired of the outstanding voting common stock of Strong Corp. for $364.000. There is no active market for Strong's Of payment, S28,000 was allocated to equipment (with a five-year that had been undervalued on Strong's by 35.000. Any remaining excess was attributable to goodwill has not been impaired. which statements As of 2011. before preparing the consolidated worksheet, the financial December 3 Pride Inc Strong Corp. appeared $420,000 EORD (196,000) (112000) Cost of goods Operating expenses S154,000 $196 Net income $420,000 $210,000 Retained earning, 1/1/15 196,000 154,000 Net Income Dividend paid $616.000 Retained earnings, 12/31/15 $294,000 $126,000 Cash and receivables 210,000 154,000 364,000 Inventory Investment in strong Corp 616,000 420,000 $1,484,000 $700,000 (net) Total assets $588,000 $196,000 280,000 140,000 Liabilities Common stock 616,000 364,000 Retained earnings, 12/31/15 $1,484,000 $700,000 Total liabilities and stockholders' equity During 2011, Pride bought inventory for $112,000 and sold it to strong for si40,000. Only half of purchase been paid by by the end of the year. 60% of these goods were still in the company's possession on December 31. 12. What is the total of consolidated revenues? a. $700,000 b. $644,000 c. $588,000 d, $560,000 e. $840,000