- - ion 19 et On January 1, 2020, P Inc. acquired all of S Inc.'s common shares for cash equal to the stock's book value. The book value amounts of S assets and liabilities approximated their fair values, except that its building book value was more than fair values, In preparing P 2020 consolidated income statement red d out of which of the following adjustments would be made? og question Select one: a. Increase depreciation expense b. no entry c. Decrease depreciation expense d. adjustments for gain 20 out of West, Inc. holds 100 % of the common stock of Coast Company, an investment acquired for $680,000. Immediately following the combination, West's net assets have a book value of $1,150,000 and a fair value of $1,390,000. The book value and the fair value of Coast's net assets on the date of combination are $400,000 and $550,000, respectively. Immediately following the combination, a consolidated balance sheet is prepared Based on the information given above, what will be the amount of total consolidated stockholders' equity be reported in the consolidated balance sheet prepared immediately following the combination question Select one: a. 1,550,000 b. 1700,000 c. 1,390,000 d. 1,150,000 Sion 21 The parent recognizes a gain on the sale of land to a subsidiary before the subsidiary sells it to an outside entity et ered Select one: ed out of True False IN Flag