1. Python acquires 80% of the voting stock of Slither on January 1, 2020 for $4,000. The fair value of the noncontrolling interest is $950. Slither's balance sheet at the date of acquisition is as follows: Book Value Dr (Cr) Fair Value Dr (Cr) Tangible assets $5,000 $6,500 Identifiable intangibles – 2,000 Liabilities (3,000) (3,000) Capital stock (600) – Retained earnings (1,400) – 2. On the consolidation working paper at January 1, 2020, what is the credit to noncontrolling interest in Slither for eliminating entry (E)? A. $-0- B. $300 C. $400 D. $100

Lipman auto parts, a family-owned auto parts store, began january with $10,300.00 in cash. management forecasts that collections from credit customers will be $11,400.00 in january and $14,800.00 in february. the store is scheduled to receive $5,000.00 in cash on a business note receivable in january. projected cash payments include inventory purchases ($13,000.00 in january and $13,600.00 in february) and operating expenses ($2,700.00 each month). lipman auto parts' bank requires a $10,000.00 minimum balance in the store's checking account. at the end of any month when the account balance dips below $10,000.00, the bank automatically extends credit to the store in multiples of $1,000.00. lipman auto parts borrows as little as possible and pays back loans in quarterly installments of $2,000.00, plus 4 percent interest on the entire unpaid principal. the first payment occurs three months after the loan.