View the following image and answer the questions (Hint: the answers for the first and second question is C but I need the work)

Public Equity Corporation acquired Lenore Company through an exchange of common shares. All of Lenore's assets and liabilities were immediately transferred to Public Equity. Public's common stock was per share at the time of exchange. Following selected information is also available. trading at $20 Public Equity Par value of shares outstanding Additional paid-in capital Before acquisition Ateracquisition $250,000 $550,000 $200,000 $350,000 7. Based on the preceding information, what is the fair value of Lenore's net assets, if goodwill of $56,000 is recorded? A. $306,000 -B. $244,000 C. $194,000 50 D. $300,000 Su 8. Paul Corp. acquired 100 percent of Sam Inc.'s voting stock on July 1, 20X1. The following information was available as of December 31, 20X1: Net Income Jan 1- June 30, 20X1 $300,000 $150,000 Net Income July 1, 20X1-Dec 31, 20X1 $420,000 $220,000 Paul Corp. Sam Inc. How much net income should be reported in Paul Corp's income statement for 20X1? A. $370,000 B. $720,000 . $940,000 D. $1,090,000