Could you please help me answer those questions? Thank you
Top Corporation acquired 100% of Sun Corporation's common stock on December 31, 2002. Balance sheet data for the two companies immediately following the acquisition is Item Top $49,000 110.000 Sun $30,000 45,000 70,000 25,000 400,000 (165,000) Cash Accounts Receivable Inventory 130,000 Land 80,000 500,000 (223,000) 198,000 $844,000 $61,500 95,000 Buildings & Equipment Less: Acc Depr Investment in Sun Total Assets $405,000 $28,000 37,000 200,000 50,000 90,000 $405,000 Accounts Payable Taxes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities& Equity 280,000 150,000 257,500 $844,000 At the date of the business combination, the book values of Sun's net assets and liabilities were equal to their fair values except for inventory, which had a fair value of $85,000 and land, which had a fair value of $45,000. All of the Sub's inventory was sold 2003. There was no impairment to goodwill in 2002 or 2003. Question 1 (1 point) What is the fair value of consideration given by Top in exchange for 100% of Sun Corporation's common stock? A) $198,000 B) $100,000 C) $140,000 D) $405,000 Saved Question 2 (1 point) What amount of goodwill would be reported? A) so O B) s23,000 C) S43,000 D $68 000 Saved Question 7 (1 point) What is the total value of the differential at 12/31/2002? A) $35,000 O B) $15,000 C) $58,000 D) $40,000 Question 8 (1 point) What is the total value of the differential at 12/31/20032 A) $58,000 B) $35,000 C) $20,000 D) $43.000 Question 9 (1 point) How much amortization expernse should be recorded in the eliminating entries in 2002? A) $5,000 B) s0 C) $7,000 D) $15,000 Question 10 (1 point) How much amortization expense should be recorded in the eliminating entries in 2003? A) $7,000 B) $3,500 C) $5,000 D) $15,000 Question 11 (1 point) Prepare the basic eliminating entry to eliminate the investment held in Sun 12/31/2002