Pacquired 70% of S for $10500 at the beginning of year 1 when the differences at acquisition was Item Inventory Fixed assets difference Undervalued by $500 Overvalued by $500 Base for amortization 70% sold in year 1 remaining in year 2 5 years remaining life The following amounts at the end of year 2 for both companies P&S P 14345 1000 2650 2000 4000 1035 ???? 2400 7000 4000 cash inventory other current assets investment ins fixed assets dividend payable other current liabilities note payable capital stock retained earning dividends sales income from s cost of goods sold operating expenses 15000 7525 1500 1500 9000 2800 200 5000 8000 665 4000 1000 2500 1500 Answer the questions in your form depend on the above information Good luck Pacquired 70% of S for $10500 at the beginning of year 1 when the differences at acquisition was Item Inventory Fixed assets difference Undervalued by $500 Overvalued by $500 Base for amortization 70% sold in year 1 remaining in year 2 5 years remaining life The following amounts at the end of year 2 for both companies P&S P 14345 1000 2650 2000 4000 1035 ???? 2400 7000 4000 cash inventory other current assets investment ins fixed assets dividend payable other current liabilities note payable capital stock retained earning dividends sales income from s cost of goods sold operating expenses 15000 7525 1500 1500 9000 2800 200 5000 8000 665 4000 1000 2500 1500 Answer the questions in your form depend on the above information Good luck