e. (None of the above) 14. On January 1, 2021, P Company acquired all of S Company's voting shares. In assessing S's acquisition-date fair values, P concluded that the fair value of S's long-term debt (6 year remaining life) was lower than its carrying value by $60,000. At December 31, 2021, S's financial statements show interest expense of $30,000 and long-term debt of $540,000 but P's financial statements have neither long-term debt nor interest expense. What amount of long-term debt and interest expense, respectively, should appear on the 12/31 consolidated financial statements of the two companies? Long-term debt Interest expense C. d. a. $490,000 $20,000 b. $490,000 $40,000 $590,000 $40,000 $590,000 $20,000 (none of the above) on 1/3/18 and used the equity