I need answers to 5 short multiple questions

Question 1 1. MPR Inc. acquired a 60% interest in RPN Inc. on July 1, 20X2, for $800,000. MPR Inc. uses the cost method to account for its investment in RPN Inc. and values the noncontrolling interest using the fair value enterprise method. The acquisition differential was allocated as follows: $80,000 to inventory (sold shortly after acquisition) $40,000 to trademarks (amortized over 8 years) The balance was allocated to goodwill. On June 30, 20X3, MPR Inc. reported a net income for the year of $160,000. On June 30, 20X3, RPN Inc. reported net income for the year of $20,000. What is the amount of noncontrolling interest in consolidated net income for the year ended June 30, 20X3? 1. ($39,000) 2. ($26,000) 3. $6,000 4. $26,000 0.4 points Question 2 1. MPR Inc. acquired a 60% interest in RPN Inc. on July 1, 20X2, for $800,000. MPR Inc. uses the cost method to account for its investment in RPN Inc. and values the noncontrolling interest using the identifiable net asset method. The acquisition differential was allocated as follows: $80,000 to inventory (sold shortly after acquisition) $40,000 to trademarks (amortized over 8 years) The balance was allocated to goodwill. On June 30, 20X4, MPR Inc. reported net income for the year of $120,000. On June 30, 20X4, RPN Inc. reported net income for the year of $40,000. What is the amount of noncontrolling interest in consolidated net income for the year ended June 30, 20X4? 1. $14,000 2. $16,000 3. $21,000 4. $35,000 0.4 points Question 3 1. Errant Inc. purchased 100% of the outstanding voting shares of Grub Inc. for $200,000 on January 1, 20X4. Goodwill is tested annually for impairment. The statements of financial position of both companies, as well as Grub Inc's fair market values on the date of acquisition are disclosed below: January 1, 20X4 Errant Inc. Grub Inc. Fair value Cash $120,000 $76,000 $76,000 Accounts receivable 80,000 40,000 40,000 Inventory 60,000 34,000 49,000 400,000 80,000 71,000 - 70,000 84,000 $660,000 $300,000 Equipment (net) Trademark Total assets $180,000 $80,000 $80,000 Bonds payable 320,000 60,000 64,000 Ordinary shares 90,000 100,000 Retained earnings 70,000 60,000 $660,000 $300,000 Current liabilities Total liabilities and equity Errant Inc.'s and Grub Inc.'s net incomes for the year ended December 31, 20X4, were $160,000 and $90,000 respectively. Grub Inc. paid $9,000 in dividends to Errant Inc. during the year. There were no other intercompany transactions during the year. Moreover, an impairment test conducted on December 31, 20X4, revealed that the goodwill should actually have a value of $20,000. Both companies use a FIFO system, and Grub Inc.'s entire inventory on the date of acquisition was sold during the year. Errant Inc. did not declare any dividends during the year. Errant Inc. amortizes the acquisition differential pertaining to the long-term assets and liabilities over 10 years. For simplicity's sake, assume that the bond is amortized on a straight-line basis, rather than using the effective rate method as required. Assuming that Errant Inc. used the equity method to record its investments, what would be Errant Inc.'s journal entry to record the acquisition differential amortization excluding any goodwill impairment on December 31, 20X4? 1. No entry. 2. Investment income 3. Investment in Grub Inc. Investment income 4. Investment in Grub Inc. Investment income Investment in Grub Inc. 0.4 points Question 4 1. Parent Ltd. and Sub Inc. statements of financial position as at December 31, 20X2, were as follows: Parent Ltd. Sub Inc. Current assets $60,000 $10,000 Fixed assets (net) 100,000 60,000 Total assets $160,000 $70,000 Current liabilities 42,000 35,000 Bonds payable 20,000 12,000 Ordinary shares 90,000 12,000 Retained earnings Total liabilities and equity 8,000 11,000 $160,000 $70,000 On January 1, 20X3, Parent Ltd. purchased all of Sub Inc.'s ordinary shares for $40,000. On that date, Sub Inc.'s current assets and fixed assets were worth $26,000 and $54,000, respectively. What amount would the opening shareholders' equity section of the consolidated statement of financial position show? 1. $81,000 2. $91,000 3. $98,000 4. $121,000 0.4 points Question 5 1. Parent Co. acquires Sub Co.'s ordinary shares for cash. On the date of acquisition, Sub Co. includes goodwill of $100,000 on its statement of financial position. Which of the following statements regarding Sub Co.'s goodwill on the date of acquisition is correct? 1. Sub Co.'s goodwill is considered an identifiable asset and should therefore be included in the acquisition differential calculation. 2 Sub Co.'s goodwill is considered an identifiable asset and should therefore be excluded from the acquisition . differential calculation. 3 Sub Co.'s goodwill is not considered an identifiable asset and is written off against shareholders' equity of the . subsidiary in the acquisition differential calculation. 4 Sub Co.'s goodwill is considered an identifiable asset and is written off against the retained earnings of the . subsidiary in the acquisition differential calculation