cion 16 et PCO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and liabilities were equal to fair values. During 2014, S sold merchandise to P cost 32,000 for $40,000. At December 31, 2014, 75% of this merchandise is still in P inventory. Separate incomes for P&S are summarized as follows: ered d out of P s Sales $900,000 $200,000 ag question 400,000 100,000 Cost of sales 500,000 100,000 Gross profit 200,000 80,000 Operating expenses What is Separate income $300,000 $ 20,000 amount of Income from S reported in Pincome statement? Select one: a. 12,000 O b. 16,000 C. 16,200 d. 12,600 117 on 1/1/2019 X Co acquired 80% of Y common stock for $150,000 in the same day the Y net assets was $ 140,000 in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 Y reported income $50,000 , declared dividend $30,000 , X using equity methods what is non- controlling interest balance on 1/1/2019 Out of Select one: question a. 50,000 O b. 10,000 c. 47,500 o d. 37,500