Xco, purchased 100% of Y Common stock at 1/1/2020 for $ 300,000 on the same date the y co stock was $ 100,000 and retained earning $120,000, at acquisition date the net assets of y co. book value was equal to fair value except (inventory FV more than BV of $26,000) and (land its FV more than BV10,000 ) (Building its FV more than BV by $ 14,000 ) but ( equipment its FV less than B V by $10,000) if Y CO. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends Other information 1- the Y inventory 50% sold during 2020 2- the building useful life was 7 years, but equipment 5 years 3- there is no impa for goodwill during 2020 if Inventory balance in 31/12/2020 in parent co 60,000 & in subsidiary co 50,000 what is amount of inventory in consolidated balance sheet in 31/12/2020 Select one: O a. 97,000 b. 123,000 c. 110,000 O d. 136,000 on 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day they net assets was $ 140,000 in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 y reported income $50,000, declared dividend $30,000 , X using equity methods what is good will balance on 1/1/2019 Select one: O a. 10,000 O b. 37,500 O C. 47,500 d. 50,000 . P Corporation acquired an 80% interest in S Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $70,000 to S for $86,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in S inventory. Separate incomes (investment income not included) of the two companies are as follows: P S Sales Revenue $180,000 $160,000 Cost of Goods Sold 120,000 90,000 Operating Expenses 17,000 21,000 Separate incomes $ 43,000 $ 49,000 the year ended December 31, 2014, the realized income from intercompany sales Select one: O a. $ 12,000 loss O b. $ 4,000 loss o c. $ 4,000 profit O d. $12,000 profit