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*** Use the following information to answer the next nine (9) questions *** On January 2, 20x1, Austin Corp. purchased 30% of the voting common stock of Gainsville Co., paying $2,600,000. Austin decided to use the equity method to account for this investment. At the time of the investment, Gainsville's total assets were $12,000,000 and liabilities were $4,000,000. Also, Gainsville reported identifiable assets and liabilities (i.e., 100%) different from its book values as follows: Book Value Fair Market Value Building (10-year life) $400,000 $500,000 Equipment (3-year life) 100,000 130,000 Franchise (8-year life) 40,000 Bonds payable (10-year) 100,000 120,000 After Austin's investment, Gainsville also reported income and paid cash dividends as follows: Net Income Dividends Paid 20x1 $10,000 $50,000 40,000 20x2 10,000 20x3 60,000 10,000 10,000 20x4 55,000 Please compute the amount of Goodwill for Austin's investment. Select one: O a. Some other amount. b. $155,000 c. $50,000. d. $10,000. ** Same information as above ** Gainsville's bonds payables were undervalued by $20,000 at the time of Austin's investment. What is the effect of Gainsville's bonds payables on the computation of excess amortization? Select one: O a. The 30% of the amount should be added to the excess amortization. b. The entire amount should be subtracted from the excess amortization. O c. The 30% of the amount should be subtracted from the excess amortization. d. The entire amount should be added to the excess amortization. ** Same information as above ** What is the total amount (i.e., 100%) of excesses incurred as Austin purchased Gainsville's stocks? Select one: O a. $120,000 b. Some other amount. O C. $190,000 O d. $150,000. ** Same information as above ** What is the amount of Austin's excess amortization each year after 20x1? Select one: O a. $8,100. O O b. Some other amount. c. $27,000. d. $6,900 What is the amount of Austin's investment account at the end of 20x1? Select one: O a. $2,650,000. b. $2,612,000. O C. $2,630,000. O d. $2,605,100. ** Same information as above ** What is the amount of Austin's income from subsidiary (or equity income from investment) account in 20x2? Select one: O a. $5,100. b. $7,200. O O c. $9,000. d. $16,000. What is the amount of Austin's investment account at the end of 20x3? Select one: O a. $2,615,300. b. Some other amount. c. $2,642,500. O d. $2,636,000. ** Same information as above ** What is the amount of Austin's income from subsidiary (or equity income from investment) account in 20x4 (note the remaining useful life of equipment)? Select one: O a. $16,500. O b. $9,600. O C. $6,600. d. $12,600. ** Same information as above ** What is the amount of Austin's investment account at the end of 20x4? Select one: 0 a. Some other amount. O b. $2,624,900. o c. $2,620,900. 0 d. $2,649,500