X owns 100 of the common shares of Y At December 31 st 2019, Y's inventory included good that had been purchased from X at a gross profit of $10,000 Which of the following adjustments will be required when preparing the consolidated financial statements for the year ended December 31 st 2020 Decrease retained earnings at January 1, 2020 by $10,000 Decrease inventory at December at December 31,2020 by $10,000 Increase cost of goods sold for 2020 by $10,000 Decrease retained earnings at December 31,2020 by $10,000 X owns 100 of the common shares of Y Both companies pay income tax at a rate of 40 On January 1 st 2019, X reported a gain of $20,000 when it sold equipment to Y This equipment had a remaining life of 5 years on the date of the intercompany sale When preparing the consolidated income statement for 2020 what adjustment should be made to income tax expense Decrease by $4,800 Decrease by $1,600 Increase by $4,800 Increase by $1,600 X holds an equity investment that is reported at fair value The fair value increase over the 2020 fiscal year and a gain was reported under the category of other comprehensive income What is the classification of this investment Held for trading financial assets Available for sale financial assets Held to maturity investments Loans and receivables On March 13,2020, X Ltd purchased 80 of the common shares of Y Ltd for $1,192,000 The purchase discrepancy was $60,000 and was allocated as follows $40,000 to inventory $20,000 to goodwill The March 13,2020, consolidated balance sheet, which was prepared under IFRS using the acquisition method shows total assets of $930,000 What would total assets have been under the Identifiable Net Asset approach $930,000 $918,000 $882,000 $926,000

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X owns 100% of the common shares of Y.At December 31 st . 2019, Y's inventory included good that had been purchased from X at

X owns 100% of the common shares of Y.At December 31^st. 2019, Y's inventory included good that had been purchased from X at a gross profit of $10,000.Which of the following adjustments will be required when preparing the consolidated financial statements for the year ended December 31^st. 2020?

Decrease retained earnings at January 1, 2020 by $10,000

Decrease inventory at December at December 31,2020 by $10,000

Increase cost of goods sold for 2020 by $10,000

Decrease retained earnings at December 31,2020 by $10,000.

X owns 100% of the common shares of Y.Both companies pay income tax at a rate of 40%.On January 1^st. 2019, X reported a gain of $20,000 when it sold equipment to Y.This equipment had a remaining life of 5 years on the date of the intercompany sale.When preparing the consolidated income statement for 2020 what adjustment should be made to income tax expense?

Decrease by $4,800

Decrease by $1,600

Increase by $4,800

Increase by $1,600.

X holds an equity investment that is reported at fair value.The fair value increase over the 2020 fiscal year and a gain was reported under the category of other comprehensive income.What is the classification of this investment?

Held for trading financial assets

Available-for-sale financial assets

Held-to-maturity investments

Loans and receivables.

On March 13,2020, X Ltd. purchased 80% of the common shares of Y Ltd. for $1,192,000. The purchase discrepancy was $60,000 and was allocated as follows:

-$40,000 to inventory

-$20,000 to goodwill

The March 13,2020, consolidated balance sheet, which was prepared under IFRS using the acquisition method shows total assets of $930,000.What would total assets have been under the Identifiable Net Asset approach?