Kroft Foods acquired Codberry Inc. on January 1, 2019, for $40,000,000, in a stock acqusition. Codberry's aquisition-date assets and liabilities were reported at amounts approximating fair value, except its inventories (FIFO) were overvalued by $2,000,000, its property and equipment (20-year remaining life, straight-line) was overvalued by $10,000,000, and it had previously unreported identifiable intangibles (5-year remaining life, straight-line) with a fair value of $14,000,000. Goodwill from this acquisition was impaired by $1,000,000 during 2019. Kroft uses the complete equity method to account for the investment on its own books. Below are the December 31, 2019 trial balances of Kroft and Codberry: Current assets Property and equipment, net Investment in Codberry Liabilities Captial Stock Retained earning, January 1 Dividends Dr (Cr) Kroft Codberry $8,000,000 $6,200,000 110,000,000 65,000,000 41,200,000 (87,500,000) (46,200,000) (39,000,000 (2,000,000) (16,000,000) (20,500,000) 500,000 (50,000,000) (20,000,000) (1,700,000) 30,000,000 15,000,000 5,000,000 2,000,000 Sales revenue Equity in net income of Codberry Cost of goods sold Operating Expenses Working paper eliminating entry (R) is: Select one: Current assets 2,000,000 Property and equipment, net 10,000,000 Identifiable intangible assets 14,000,000 Goodwill 15,500,000 Investment in Codberry 41,500,000 Identifiable intangible assets 14,000,000 Property and equipment, net 10,000,000 Current assets Investment in Codberry 2,000,000 22,000,000 15,500,000 Identifiable intangible assets Goodwill Current assets Property and equipment, net Investment in Codberry 2,000,000 10,000,000 17,500,000 Identifiable intangible assets Goodwill Current assets Property and equipment, net Investment in Codberry 14,000,000 11,500,000 2,000,000 10,000,000 17,500,000 Working paper eliminating entry (O) is: Select one: Current assets Property and equipment, net Operating expenses Identifiable intangible assets Goodwill 2,000,000 500,000 1,300,000 2,800,000 1,000,000 2,000,000 500,000 3,300,000 Current assets Property and equipment, net Operating expenses Identifiable intangible assets Goodwill Cost of goods sold 2,800,000 1,000,000 2,000,000 500,000 3,300,000 Property and equipment, net Operating expenses Identifiable intangible assets Goodwill 2,800,000 1,000,000 2,000,000 500,000 3,300,000 Cost of goods sold Property and equipment, net Operating expenses Current assets Identifiable intangible assets Goodwill 2,000,000 2,800,000 1,000,000