Question 21 1 pts On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below: Punch Soopy Cash $34,000 $206,000 Accounts Receivable 144,000 26,000 Inventory 132,000 38,000 Land 68,000 32,000 Plant assets 700,000 300,000 Accum. Depreciation (240,000) (60,000) Investment in Soopy 392,000 Total assets $ 1,230,000 $ 542,000 Accounts payable $206,000 $142,000 Capital stock 800,000 300,000 Retained earnings 224,000 100,000 Total liabilities & equities $ 1,230,000 $ 542,000 At the date of the acquisition, the book values of Soopy's net assets were equal to the fair value except for Soopy's inventory, which had a fair value of $60,000. What amount of Inventory will be reported? $169,000 O $186,500 $192,000 O $170,000Question 22 1 pt On January 1. 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data forthe companies at the acquisition date [atterthe acquisition) are given below: Punch mp); Cash $34,000 $206,000 Accounts Receivable 144.000 26,000 Inventory 132.000 33.000 Land 68.000 32.000 Plant assets 700.000 300,000 Accum. Depreciation (240,000) [60000) Investment in Soopy gm _ Total assets _$_1,,@ $, Accounts payable $206,000 $142.000 Capital stock 800,000 300,000 Retained earnings &.@ 1_0.& Total liabilities & equities $_1,, 5542 At the date of the acquisition, the book values of Soopy's net assets were equal to the fair value except for Soopy's inventory, which had a fair value of $60.000. What amount of Goodwill will be reported? 0 $54,400 0 $72,000 0 $90,000 0 $68,000 Question 23 1 pts The following assets of Poole Corporation's Romanian subsidiary have been converted into U.S. dollars at the following exchange rates: Current Historical Rates Rates Accounts receivable $850,000 $875,000 Trademark 600,000 575,000 Property plant and equipment 1,200,000 900,000 Totals $2,650,000 $2,350,000 Assume the functional currency of the subsidiary is its local currency. The assets should be reported in the consolidated financial statements of Poole Corporation and Subsidiary in the total amount of O $2,325,000. $2,350,000. $2,375,000. O $2,650,000