ion 19 t red P Corporation acquired an 80% interest in S Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold to S merchandise that cost $70,000 to S for $86,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in S inventory. Separate incomes (investment income not included) of the two companies are as follows: out of question . S Sales Revenue $180,000 $160,000 Cost of Goods Sold 120,000 90,000 Operating Expenses 17,000 21,000 Separate incomes $ 43,000 $ 49,000 The consolidated income statement for P Corporation and subsidiary for the year ended December 31, 2014 will show consolidated Operating Expenses of Select one a. $24,000 b. $50,000 C. $ 38,000 d. $12,000 20 IF equipment account at 1/1/2019 was ( 150,000 for parents , 160,000 for subsidiary) and at 31/12/2019 ( 160,000 for patents, 180,000 for subsidiary ) if equipment in subsidiary co fair value at beginning of the year was more than book value by 5,000$ and useful life 5 years . what the amount of equipment reported in consolidated balance sheet in 1/1/2019 ut of Select one: estion a. 305,000 b. 310,000 c. 315,000 d. 314,000