On January 1, 2014, Punch Corporation purchased 100% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below: Punch Soopy Cash $34,000 $206,000 A/R 144,000 26,000 Inventory 132,000 38,000 Land 68,000 32,000 Plant assets 460,000 240,000 Investment in Soopy 392,000 Accounts payable $206,000 $142,000 Capital stock 800,000 300,000 Retained earnings 224,000 100,000 Total liabilities & equities $ 1,230,000 $ 542,000 At the date of the acquisition, the book values of Soopy net assets were equal to the fair value except for Soopy's inventory, which had a fair value of $60,000. What amount of Inventory will be reported in consolidated balance Sheet Select one: Technical University Kadootie ard My courses 20202 - - n8 On Jan 1, 2019, Rudd Company acquired 100% of the common stock of Wilton Company. At that time, Rudd held land with a book value of $100,000 and a fair value of $260,000; Wilton held land with a book value of $50,000 and fair value of $600,000. at what amount would land be reported in Rudd Company balance sheet prepared immediately after the merger ? out of Select one: a. 700,000 b. 860,000 590,000 d. 55,000 Previous Pitch Co. paid $50,000 in fees to its accountants and lawyers in acquiring Slope Company. Pitch will treat the $50,000 as. Select one: a. a reduction in additional paid-in capital b. a prior period adjustment to retained earnings. c. an expense for the current year. d. additional cost to investment of Slope on the consolidated balance sheet Previous page Next page A ASUS ZenBook - X Corporation concluded that the fair value of H Company was $80,000 and paid that amount to acquire all of its net assets. H reported assets with a book value of $60,000 and fair value of $98,000 and liabilities with a book value and fair value of $23,000 on the date of combination. X also paid $3,000 to a search firm for finder's fees related to the acquisition. What amount will be recorded as Investment in H Com by X Corporation stion Select one: a. 80,000 b. 83,000 C. 77,000 d. 79,000 Previous page 0 Next page 0 A ASUS ZenBook