n 12 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 merchandise that cost $70,000 to S for $86,000. On December 31, 2014, all of the merchandise acquired from P Sold to third party . Separate incomes investment income not included) of the two companies are as follows: out of question P 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 What is P income from S for 2014? Select one: a. $39,200 b. $ 27,200 c. $29,600 d. $49,000 - 13 on 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day the y net assets was $ 140,000 in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 Y reported income $50,000 , declared dividend $30,000 , X using equity methods what is non controlling interest in net assets balance on 31/12/2019 ut of Select one: uestion a. 37,500 b. 10,000 c. 41,500 d. 4,000