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At 1 January 2018 , the recorded amounts of Panda Ltd's assets and liabilities were equal to their fair values except inventory. At that date,
At 1 January 2018 , the recorded amounts of Panda Ltd's assets and liabilities were equal to their fair values except inventory. At that date, carrying amount of inventory was $12,000 and fair value was $16,000.60% of this inventory was sold by Panda Ltd in 2018. Tax rate is 30%. Assume the inventory balance reported by Bear Ltd and Panda Ltd as at Dec 31,2018 were $15,000 and $20,000 respectively. Compute consolidated balance of inventory for the year ended Dec 31, 2018. Select one: A. $35,000 B. $37,800 C. $33,400 D. $36,600 Assume the net profit reported by Bear Ltd and Panda Ltd as at Dec 31, 2018 were $80,000 and $10,000 respectively. Compute consolidated net income for the year ended Dec 31, 2018. Select one: A. $90,000 B. $88,320 C. $88,080 D. $80,000
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