Question 22 Not yet answered West, Inc. holds 100% of the common stock of Coast Company, an investment acquired for $680,000. Immediately following the combination, West's net assets have a book value of $1,150,000 and a fair value of $1,390,000. The book value and the fair value of Coast's net assets on the date of combination are $400,000 and $550,000, respectively. Immediately following the combination, a consolidated balance sheet is prepared Based on the information given above, what will be the amount of net assets reported in the consolidated balance sheet, prepared immediately following the combination? Marked out of 1.00 P Flag question Select one: a. 1,150,000 b. 1,830,000 c. 1,700,000 d. 1.550,000 Question 23 Not yet answered X co, purchased 100% of Y Common stock at 1/1/2020 for $ 300,000 on the same date the y co stock was $ 100,000 and retained earning $120,000, at acquisition date the net assets of y co. book value was equal to fair value except ( inventory FV more than BV of $26,000) and (land its FV more than BV10,000 ) (Building its FV more than BV by $ 14,000) but ( equipment its FV less than B V by $10,000) if y Co. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends. Marked out of 1.00 P Flag question Other information 1- the y inventory completely sold during 2020 2- the building useful life was 7 years, but equipment 5 years 3- there is no impairment for goodwill during 2020 if equipment balance in 31/12/2020 in parent co 50,000 & in subsidiary co 60,000 what is amount of equipment in consolidated balance sheet in 31/12/2020 Select one: a. 120,000 b. 102.000 C. 100.000 Woded, 110,000 WS Question 24 Parent sales to its subsidiary increase subsidiary sales, COGS and gross profit Not yet answered Select one: True Marked out of 1.00 False P Flag