Question 36 Not yet answered Marked out of On December 31, 2008, Mercury Corporation acquired 100% ownership of Saturn Corporation. On that date, Saturn reported assets and liabilities with book values of $300,000 and $100,000, respectively, common stock outstanding of $50,000, and retained earnings of $150,000. The book values and fair values of Saturn's assets and liabilities were equal except for land which had increased in value by $5,000 and inventories which had decreased by $10,000 Based on the preceding information, what amount of goodwill balance immediately after the business combination, if the acquisition price was $240.0007 1.00 JJ p Mag question Select one: a. 45,000 b. 30,000 FE C. 40,000 TIE d. 35,000 on 37 on 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day the y net assets was $ 140,000 in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 y reported income $50,000, declared dividend $30,000, X using equity methods what is investment balance on 31/12/2019 ed out of Select one: question a. 170,000 b. 166,000 c. 200,000 O d. 177,000 Question 38 Not yet answered P Corporation acquired an 80% interest in s Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of net assets. During 2014, P sold merchandise that cost $86,000 to S for $70,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in s inventory. Separate incomes (Investment income not included) of the two companies are as follows: Marked out of 1.00 P Flag question P S $180,000 $160,000 Sales Revenue Cost of Goods Sold 120,000 90,000 Operating Expenses 17,000 21,000 Separate incomes $ 43,000 $ 49,000 What is P income from S for 2014? Select one: a: $39,200 b. $ 51,200 C. $49.000 d. $29.600