The condensed separate and consolidated balance sheets of Parent Corporation and its subsidiary, on the date of their business combination showed inventories of parent, subsidiary and consolidated as: $400,000, $100,000 and $380,000 respectively.This means:

a. Excess of fair value of subsidiarys inventory over its carrying amount by $20,000.

b. Excess of carrying amount of parents inventory over its fair value by $20,000.

c. Excess of fair value of parents inventory over its carrying amount by $20,000.

d. Excess of carrying amount of subsidiarys inventory over its fair value by $20,000.

The LLP is separate Legal Entity because of the following except:

a. May enter into contracts

b. Be sued or bring suit against others

c. It may own property

d. May issue shares and bonds