No journal entry is needed 4 pts Question 16 With cash, Portlandia Corp. bought 80% of Salem Corp. for $100,000 over book value on Jan. 1. 20X6. At date of acquisition, Salem's stockholder equity section contained Common Stock & Retained Earnings. During 20X6, Salem Co. earned income (not a loss) & paid dividends. Portlandia made all required journal entries using the equity method. On Portlandia's books, which journal entry is needed to record their initial investment in Salem: O Debit Investment in Salern and Credit Cash Debit Cash and Credit Investment in Salem Debit investment in Salem and NonControlling Interest in Net Assets of Salem, and Credit Cash and Additional Paid in Capital Debit Cash and Additional Paid in Capital, and Credit Investment in Salem and NonControlling Interest in Net Assets of Salem Debit Investment in Salem and NonControlling Interest in Net Assets of Salem, and Credit Cash ctv Mc Graw w Hill 4 pts Question 17 With cash, Portlandia Corp, bought 80% of Salem Corp. for $100,000 over book value on Jan. 1. 20X6. At date of acquisition, Salem's stockholder equity section contained Common Stock & Retained Earnings. During 20X6, Salem Co. earned Income (not a loss) & paid dividends. Portlandia made all required journal entries using the equity method. During 20X6, some of the goodwill related to the purchase of Salem was impaired. Which journal entry is needed to record the goodwill impairment? Debit income from Salem and Credit Investment in Salem Debit Investment in Salem and Credit Income from Salem Debit Income from Salem and Credit Investment in Salem and NonControlling Interest in Net Assets of Salem Debit income from Salem and NonControlling Interest in Net Income of Salem, and debit investment in Salem No Journal Entry is needed New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark reported sales of $100,000, including sales to New Jersey of $20,000. The amount of sales that should be reported in the consolidated income statement for 2012 is: $380.000 di $280,000 $400,000 $320.000 None of the other answers is correct. 3 pts Question 2 Paris Co. owais 70of Geneva Co.'s common stock. At year end, Paris had in its accounts receivable balance $200.000 awed to it by Genevas: What portion of this $200.00 accounts receivable should be included in the 2012 consolidated balance sheet $0 S96.000 a sco.000 10 s140.000