The Following Data Pertains to Questions

question 1

Multiple Choice

The following data pertains to questions
Parent and Sub Inc had the following balance sheets on December 31,2008: On January 1,2009 Parent purchased all of Sub Inc's Common Shares for $40,000 in cash.On that date,Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000,respectively.Assuming that Consolidated Financial Statements were prepared on that date,answer the following:
-The Fixed Assets of the combined entity should be valued at:

• A)$70,000
• B)$154,000
• C)$160,000
• D)$120,000

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