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On January 1, 2011, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strong's stock. Of this payment, $28,000 was allocated to equipment (with a ve-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill which has not been impaired. As of December 31, 2011, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride, Inc. Strong Corp. Revenues $ 420.000 $28 0.000 Cost of goods sold (196.000) (1 12.000) Operating expenses (28,000) (14,000) Net income $ 196, 000 3 1 54, 000 Retained earnings. 1'11] 1 $ 420.000 $210000 Net income (above) 196.000 154.000 Dividends paid 0 0 Retained earnings. 1213111 1 $ 616 000 $364, 000 Cash and receivables $ 294.000 313126.000 Inventory 21 0.000 154.000 Investment in Strong Corp 364.000 0 Equipment (net) 616 000 420 000 Total assets 01.180000 $100000 Liabilities $ 588.000 $196000 Common stock 280.000 140.000 Retained earnings. 12f31f1 1 (above) 616 000 364 000 Total liabilities and stockholders' equity $1,484 000 $700 000 1 During 20] 1, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of this purchase had been paid for by Strong by the end of the year. 60% of these goods were still in the company's possession on December 31. 25. What is the total of consolidated cost of goods sold? A. $ 1 96,000. E. $212,800. Q $184,800. D. $203,000. E. $ 1 68,000. 26. What is the consolidated total of W interest appearing in the balance sheet? A. $100,800. B. $97,440. C. $93,800. 0 $120,400. E. $1 17,040. 2?. What is the consolidated total for equipment (net) at December 31, 2011? A. $952,000. B. $1,058,400. C. $1,069,600. 0 $1,064,000. E. $1,066,800