The condensed separate and consolidated balance sheets of Parent Corporation and its subsidiary, on the date of their business combination showed plant assets of parent, subsidiary and consolidated as: $400,000, $100,000 and $530,000 respectively.The plant assets amount to be recorded in a consolidated balance sheet is:

a. $530,000.

b. $630,000.

c. $500,000.

d. $400,000.

Assume that a parent Corporation had appropriately accounted for the December 31, 2020, business combination with its 80% owned subsidiary and that subsidiary had a net income of $80,000 for the year ended December 31, 2021, Assume further that on December 20, 2021, subsidiarys board of directors declared a cash dividend of $0.60 a share on the 50,000 outstanding shares of common stock owned by Parent. subsidiarys journal entry to record the dividend declaration to parent is:

a. Dividends Declared debit $ 30,000 and Intercompany Dividends Payable credit $30,000.

b. Dividends Declared debit $ 24,000 and Intercompany Dividends Payable credit $24,000.

c. Intercompany Dividends Payable debit $24,000 and cash credit $24,000.

d. Intercompany Dividends Payable debit $30,000 and cash credit $30,000.

Amy and Bamy, partners of Amy & Bamy LLP, who share net income and losses in a 60:40 ratio respectively, decided to liquidate the partnership. A portion of the noncash assets had been realized, but assets with a carrying amount of $42,000 were yet to be realized. All liabilities had been paid, and cash of $20,000 was available for distribution to partners. The partners capital account credit balances were $40,000 for Amy and $22,000 for Bamy. the amount of cash (totaling 20,000) to be distributed to each partner is:

Select one:

a. $12,000 to Amy and $8,000 to Bamy.

b. $8,000 to Amy and $12,000 to Bamy.

c. $5,200 to Amy and $14,800 to Bamy.

d. $14,800 to Amy and $5,200 to Bamy.