Required information [The following information applies to the questions displayed below.] Select the correct answer for each of the following questions. Lewis Company owns 80 percent of Tomassini Corporation's stock. You are told that Tomassini has sold Which of the following is incorrect? Multiple Cholce The asset transfer occurred In 209 before the end of the year. Consolidated net income will be reduced by $40,000 when these consolidation entries are made. From a consolidated viewpoint, depreclation expense as Lewls recorded it is overstated. The parent paid $40,000 in excess of the subsidlary's carrying amount to acqulre the asset