Question 21 Not yet answered Marked out of 1.00 P Flag question The excess of investment over book value in a Parent-Subsidiary is assigned to goodwill assuming that assets and liabilities book value are equal to their fair value. Select one: True False P Corporation paid $140,000 for a 70% interest in S Inc. on January 1, 2014, when S had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of net assets were the same as recorded book values. During 2014, had income of $40,000, declared dividends of $15,000, On December 31, 2014, the Balance of investment in Sinc amount in P Corporation books On December 31, 2014 if it used equity methods. Select one: a. 150,500 b. 147,500 c. 150,000 d. 157,500