X and Y firms formed a joint venture, XY in 2008. Summarized transactions of the joint venture for the year 2008 are as follows: Cash investment by the ventures: X Company (65%) $600,000; Y Company (35%) $400,000. XY achieved 124000 net income. Under the equity method, what is the balance of the investment in Joint Venture account in the books of Y Company on ?December 31, 2008 a. $460,000 b. $444,000 C $400,000 d. $443,400 On the date of the business combination of Y Corporation and its wholly owned subsidiary (X Company). Y paid $100,000 to the stockholders of X. The business combination costs were: $15,000 direct and $12,000 indirect. Suppose that the Goodwill recognized in the business combination was $10,000. The current fair value of x's identifiable net assets is a $105,000 b. $65,000 C. $75,000 d. $115,000 X Company purchased 10000 common shares from Y company on December 15, each at $10. The ownership rate is 5%. The intent of X is to hold the stocks for 22 days. The FMV per share on December 31 was 11. The unrealized gain or loss is a $10000 b. $15000 c. $19000 d. $12000 X acquires 12% of Y common stocks. The intent of X is holding the shares for five months. The stock investment should be classified as a. Trading securities b. Long-term investment (less than 20%) O c. Available for sales securities d. Long-term investment (equity method) O