can someone please assist with below questions thank you how did they get solution
3. Parent and Sub Inc, had the following balance sheets on December 31, 2012: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent $ 60,000 $100,000 $160,000 $ 42,000 $ 20,000 $ 90,000 $ 8,000 $160,000 Sub $10,000 $60,000 $70,000 $35,000 $12,000 $12,000 $11,000 $70,000 On January 1, 2013 Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: The Fixed Assets of the combined entity should be valued at: A. $70,000 B. $120,000 CC. 154,000 D. $160,000 12. Parent and Sub Inc, had the following balance sheets on December 31, 2012: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent $ 60,000 $100,000 $160,000 $ 42,000 $ 20,000 $ 90,000 $ 8.000 $160,000 Sub S10,000 $60,000 $70,000 $35,000 $12,000 $12,000 $11,000 $70,000 On January 1, 2013 Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26.000 and $54.000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: The Current Assets of the combined entity should be valued at: A. $70,000. B. $86,000 C. $114,000 D. $170.000 14. Parent and Sub Inc. had the following balance sheets on December 31, 2012: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent $ 60,000 $100,000 $160,000 $ 42,000 $ 20,000 $ 90,000 $ 8,000 $160,000 Sub $10,000 $60,000 $70,000 $35,000 $12,000 $12,000 $11,000 $70,000 On January 1, 2013 Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: The Goodwill arising from this Business Combination would be: A. ($17,000). $7,000. C. $17,000 D. $120,000 15. Parent and Sub Inc. had the following balance sheets on December 31, 2012: Current Assets Fixed Assets (net) Total Assets Current Liabilities Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Parent $ 60,000 $100,000 $160,000 $ 42,000 $ 20,000 $ 90,000 $ 8,000 $160,000 Sub $10,000 $60,000 $70,000 $35,000 $12,000 $12,000 $11,000 $70,000 On January 1, 2013 Parent purchased all of Sub Inc.'s Common Shares for $40,000 in cash. On that date, Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000, respectively. Assuming that Consolidated Financial Statements were prepared on that date, answer the following: The Shareholders' Equity section of the Consolidated Balance Sheet would show what amount? A. $19,000 B. $90,000 C. $98.000. D. $121,000
