Answer the following:

Use the information below to answer all questions in this section. On 1/1/25 Potato Co. purchased Chip Co. for $100,000. The following is the balance sheet of Chip Co on 1/1/25: Assets Book Value Cash $6,000 Receivables $10,000 Inventories $20,000 PPE, net $14,000 Total Assets $50,000 Liabilities and Owners Equity Accounts Payable $5,000 Notes Payable $6,000 Capital Stock $15,000 Retained Earnings $24,000 Total Liabilities and OE $50,000 The fair market values of Chip Co's assets and liabilities resemble their book values at the time of acquisition, with the following exceptions: the fair market value of Chip Co's inventories on 1/1/25 was $5,000 greater than book value, the fair market value of Chip Co's net PPE on 1/1/25 was $10,000 greater than book value, and the fair market value of Chip Co.'s Trademark (internally developed) on 1/1/25 was $24,000. Question 20 (2 points) Saved The journal entry Potato Co. will record when it purchases Mansion Co. will contain a.... debit to Cash for $6,000 credit to Cash for $5,000 I credit to Cash for $6,000 no debit or credit to Cash debit to Cash for $5,000 Question 21 (2 points) The journal entry Potato Co. will record when it purchases Mansion Co. will contain a.... credit to Receivables for $10,000 debit to Receivables for $10,000 no debit or credit to Receivables credit to Receivables for $11,000 debit to Receivables for $11,000 Question 22 (2 points) The journal entry Potato Co. will record when it purchases Mansion Co. will contain 3.... credit to Inventories for $20,000 Odebit to Inventories for $20,000 debit to Inventories for $25,000 no debit or credit to Inventories credit to Inventories for $25,000