Queshon 25 Not stanned Marked out of 1 50 P Pag question P Co acquired an 80% interest in S Co on 1/1/2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014.P sold merchandise that cost $86,000 to S for $70,000. On 31/12/2011, three-fourths of the merchandise acquired from P remained in Sinventory. Separate incomes (investment income not included) of the two companies are as follows: P S 180,000 Sales Revenue 160,000 120,000 Cost of Goods Sold 90,000 17,000 Operating Expenses 21,000 43,000 Separate incomes 49,000 What is P income from S for 2011? Select one: a. $39,200 b. $29,600 c. $ 51,200 d. $49.000 Question 26 Nouse answered Marked out of 100 Flag question On 111 12019. X Co purchased a 30% interest in Y Co for $340,000. Y reported net income of $100.000 for 2019 and declared and paid a dividend of S10,000. X co using the Cost method In its 31/12, 2019.hvalance sheel what amoimt should X veport as its investment in YP Select one a. 277,000 b. 340,000 c. 223,000 d. 250.000