Required information Potter Company acquired 75 percent ownership of Snape Corporation in 20x5, at underlying book value. On that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Snape Corporation. Potter purchased inventory from Snape for $150,000 on July 24, 20X6, and resold 90 percent of the inventory to unaffiliated companies on November 11, 20X6, for $160,000. Snape produced the inventory sold to Potter for $120,000. The companies had no other transactions during 20x6. 1:20 Based on the information given above, what amount of consolidated net income will be assigned to the controlling interest for 20X6? Multiple Choice $12,000 O $25,000 $45,250 $52.000 Required information Parent Corporation owns 90 percent of Subsidiary 1 Company's stock and 75 percent of Subsidiary 2 Company's stock. During 20XB, Parent sold inventory purchased in 20x7 for $48,000 to Subsidiary 1 for $60,000. Subsidiary 1 then sold the Inventory stits cost of $60,000 to Subsidiary 2. Prior to December 31, 20x8, Subsidiary 2 sold $45,000 of inventory to a nonaffiliate for 567000 and held $15,000 in Inventory at December 31, 20x8. Based on the information given above, what amount should be reported in the 20x8 consolidated Income statement as cost of goods sold? Multiple Choice $36,000 $12,000 $48,000 $45,000 Required information Padre Company purchases inventory for $70,000 on Mar 19, 20x8 and sells it to Sonny Corporation for $95,000 on May 14, 20X8. Sonny still holds the inventory on December 31, 20x8, and determines that Its market value (replacement cost) is $82,000 at that time. Sonny writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Padre owns 75 percent of Sonny. Based on the information given above, what amount of cost of goods sold should be eliminated in the consolidation worksheet for 20x8? Multiple Choice $82,000 $70,000 $95,000 $60,000 Required Information Padre Company purchases inventory for $70,000 on Mar 19, 20X8 and sells it to Sonny Corporation for 595,000 on May 14, 20X8. Sonny still holds the inventory on December 31, 20x8, and determines that its market value (replacement cost) is $82,000 at that time. Sonny writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Padre owns 75 percent of Sonny. Based on the information given above, what amount of inventory should be eliminated in the consolidation worksheet for 20X8? Multiple Choice $15,000 $14,000 $12.000 $13,000 art 1 Saved Help Save & Exit Required information Padre Company purchases inventory for $70,000 on Mar 19, 20X8 and sells it to Sonny Corporation for $95,000 on May 14, 20X8. Sonny still holds the inventory on December 31, 20X8, and determines that Its market value (replacement cost) is $82,000 at that time. Sonny writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Padre owns 75 percent of Sonny. Based on the information given above, by what amount should Sonny write down inventory in its books? Multiple Choice $14,000 $15.000 O $13,000 $16,000