Question 30 2.5 points Save Answer Apple Corporation owns 60,000 shares of common stock out of the 100,000 shares outstanding of common stock of Orange Corporation. On 1/1/2012, using the equity method, Apple recorded its investment in Orange on its book at $480,000. The book value of net assets of Orange Corporation on 1/1/2012 was $800,000. If on 1/2/2012 Orange Corporation repurchased 20,000 shares from outsiders at $6 a share, what adjustment would be needed for Apple's "Investment in Orange" account after the repurchase? O$30,000 increase $30,000 decrease O $72,000 increase $72,000 decrease O No adjustment is needed Question 31 2.5 points Save Answe Apple Corporation owns 60,000 shares of common stock out of the 100,000 shares outstanding of common stock of Orange Corporation. On 171/2012, using the equity method, Apple recorded its investment in Orange on its book at $480,000. The book value of net assets of Orange Corporation on 1/1/2012 was $800,000 If on 1/2/2012 Orange Corporation repurchased 20,000 shares from outsiders at $6 a share, what would be the adjusted book value of net assets of Orange after the repurchase? O$360,000 O $680,000 O$920,000 $600,000 None of the answers is correct Question 33 2.5 point:s The Florida-Surfers partnership had the following balance sheet just before its final liquidation: Cash $80,000 Liabilities Phyllis, Capital (50% of profits and losses) Sara, capital (20%) Robin, Capital (30%) $90,000 120,000 120,000 300,000 $ 500,000 Inventory Other Assets 60,000 230,000 $ 500,000 Total Total The "Other Assets" are sold for $180,000 and liquidation expenses are estimated to be $10,000. What distribution, if any, can be made to the partners? O Phyllis 80,000; Sara 32,000; Robin 48,000; Phyllis 0; Sara 8,000; Robin 152,000; O Phyllis 120,000; Sara 60,000; Robin 230,000 O No distribution can be made until all liabilities are fully paid O None of the answers is correct Question 34 2.5 points Save A The Final-Day partnership has been liquidated. The profit and loss allocation and the final capital balances are as follows (deficit balances are in parentheses) Abbie (20% of gains and losses) Rachel (30%) Betsy (1096) Ellen (40%) To reduce its deficit balance, Rachel contributes to the partnership $100,000. How the money should be allocated among the partners? (140,000) (160,000) 100,000 200,000 $25,000 to each of the four partners O Abbie 0; Rachel 0; Betsy 50,000; Ellen 50,000; O Abbie 0; Rachel 0; Betsy 60,000; Ellen 40,000; O Abbie 0; Rachel 0; Betsy 0; Ellen 100,000; O None of the answers is correct