QUESTION 3 Company P purchased 70% stock in Company Son Jan 1, 20x1 for $200,000. Company S reported the following information for the year 20X1: Income before Extraordinary Income $90,000 Extraordinary Income 20.000 Net Income 110,000 Also, Company Spalda dividend of $40,000 during the year 20X1. Under the equity method, in the books of P. The extraordinary income will be credited with S14,000 The dividend revenue will be credited with $28,000 The investment revenue will be credited with $77,000 The extraordinary income will be credited with $77,000. UESTION 4 PC buys 90% sures in Co. on Jan 20x1 for $180,000. On the date of acquisition, the equity of Pand S were as follows Saward Submit to save and submit. Click Save All Answers to save all answers. Save All