Use the following to answer the next 3 questions Portland Corporation acquired 100 % of Spokane's net assets by issuing 22,000 shares of Portland's $10 par value common The book values and fair values of Spokane's assets and liabilities were the same except for land which had a fair value stock. Portland's stock had a fair market value of $15 per share 70,000 greater than book value. Balance sheet data for the two companies immediately before the December 31, 2018 purchase are below Book values before acquisition Portland $1,000,000 Spokane $350,000 Total assets Total liabilities Common stock Additional paid-in capital Retained earnings Total 300,000 270,000 180,000 250,000 $1,000,000 90,000 200,000 10,000 50,000 $350,000 1. What is the balance of Portland's investment in Spokane account on December 31, 2018 a. $330,000 b. S300,000 c. $260,000 d. S220,000 2. Common stock should be shown in the consolidated balance sheet on December 31, 2018 at a. $600.000 b. $490,000 c. S470,000 d. S270,000 3. What amount of assets should be reported in the consolidated balance sheet prepared at December 31, 2018? a. $1,350,000 b. S1,330,000 c. S1,000,000 d. S1,420,000