On January 1, 2019, Pali Company acquired 75% of Silicon Company's voting stock for $44,300 in cash. The noncontrolling interest had an estimated fair value of $12,700. Silicon's assets and liabilities at the date of acquisition were reported at amounts approximating fair value, but it had previously unreported indefinite life identifiable intangibles valued at $21,000. Silicon's total shareholders' equity at January 1, 2019 was as follows:

Capital stock	$ 2,000
Retained earnings	2,900
Accumulated other comprehensive income	100
Total	$ 5,000

It is now December 31, 2020 (two years later). Identifiable intangibles impairment for 2019 was $1,000 and there was no goodwill impairment. There is no identifiable intangibles impairment for 2020, but goodwill impairment for 2020 is $200. Pali uses the complete equity method to account for its investment. December 31, 2020 trial balances for Pali and Silicon follow.

On the consolidation working paper for 2020, what is the credit to noncontrolling interest in Silicon for eliminating entry (R)?

Select one: A. $12,750 B. $13,000 C. $11,200 D. $12,700

Python acquires 80% of the voting stock of Slither on January 1, 2020 for $4,000. The fair value of the noncontrolling interest is $950. Slither's balance sheet at the date of acquisition is as follows:

The gain on acquisition is: Select one: A. $1,500 B. $ 550 C. $ 600 D. $ 750

On January 1, 2019, a wholly-owned subsidiary sold equipment to its parent for $500,000. The subsidiary's books showed original cost and accumulated depreciation of $300,000 and $80,000, respectively, at the date of sale. The equipment had a remaining life of five years and is straight-line depreciated. On December 31, 2020 (two years after the sale), the unconfirmed gain on the equipment is:

Select one: A. $112,000 B. $ 80,000 C. $120,000 D. $168,000

On January 1, 2017, a subsidiary sold equipment to its parent for $520,000. The subsidiary's original cost was $200,000 and as of January 1, 2017, $20,000 in depreciation had been recorded on the subsidiary's books. At the date of sale, the equipment had a 10-year remaining life, straight-line. It is now December 31, 2021 (5 years since the sale), and the parent still holds the equipment. In the consolidation eliminating entries for 2021, depreciation expense is reduced by

Select one: A. $32,000 B. $20,000 C. $34,000 D. $52,000

A 90%-owned subsidiary sells merchandise to its parent at a markup of 20% on cost. The parent's beginning inventory includes $120,000 purchased from the subsidiary. The parent's ending inventory includes $156,000 purchased from the subsidiary. What is the impact of the above information on noncontrolling interest in net income, reported on the consolidated income statement for the year?

Select one: A. No effect B. Subtract $6,000 C. Subtract $600 D. Subtract $3,600

Pali Dr (Cr) s 5,000 2,00 Silicon (on 1,000 Current assets Its 45,892 lira ili (53,887) (15,000 (20,000 (1,100) (25,000) (1,190 (1'i) (20,664) 116) 14,00) Sales revenue Equity in net income of Silicon Equity in OCI of Silicon Cost of goods sold 3,200 Other comprehensive income Total (200 Cc)