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Use the following to answer questions 23-27: The CPB partnership has decided to incorporate on January 1, 2001. The partnership balance sheet on that date is presented below: CPB Partnership Balance Sheet As of January 1, 2001 Assets Cash Accounts Receivable (net) Inventory (LIFO) Investments Property, Plant, and Equipment (net) $160,000 150.000 $310,000 Liabilities and Capital S 60,000 Liabilities: 140,000 Accounts Payable 120,000 Mortgage Payable 70,000 Total Liabilities 300,000 Capital: C, Capital P, Capital B, Capital Total Capital $200,000 120,000 0,000 $380,000 Total Assets $690,000 Total Liabilities and Capital $690.000 An analysis of the partnership assets and liabilities at January 1, 2001, revealed the following information: (a) The net realizable value of the accounts receivable should be $130,000, not $140,000 (b) The current replacement cost of the inventory is $180,000. (c) The fair market value of the investments is $90,000. (d) The current cost of the property, plant, and equipment is $340,000. (e) The accounts payable are correctly valued, but the present value of the mortgage payments is $140,000, not $150,000. The partners agreed to adjust the appropriate asset and liability accounts for the changes mentioned. C, P, and B share profits and losses 2:2:1, respectively. After adjustment of the capital accounts, 10,000 shares of $10 par value common stock were distributed to the partners in exchange for their respective partnership capital interests. 23. Refer to the above information. At the date of incorporation, total assets of the CPB corporation should total: A) $680,000 B) $690,000 C) $800,000 D) $810,000 24. Refer to the above information. At the date of incorporation, total liabilities of the CPB corporation should total: A) $320,000 B) $310,000 C) $300,000 D) None of the above. c 25. Refer to the above information. At the date of incorporation, what was the balance in P's capital account immediately prior to the distribution of common stock for P's capital interest? A) $168,000 B) $164,000. C) $160,000. D) $120,000 a 26. Refer to the above information. At the date of incorporation, common stock and paid-in capital in excess of par would have which of the following balances? Paid-in Capital Common Stock in Excess of Par A) $100,000 $280,000 B) $100,000 $380,000 C) $100,000 $400,000 D) $380,000 $120,000 27. Refer to the above information. In addition to the facts previously presented for this problem, assume that, prior to incorporation, the partners determined that the fair value of the partnership's net assets was $620,000. Given this additional information, what is the amount of goodwill that should be recorded by the CPB corporation? A) $240,000 B) $140,000 C) $120,000 D) SO