On July $1\%,2021,$ X Company purchased $80\%$ of the common shares of the Y Company for $$192,000.$ The purchase discrepancy was $$60,000$ and was allocated as follows: $-$Inventory..$$40,000$Goodwill..$$20,000$The July $1$st$\mathrm{.}2021,$ consolidated balance sheet which was prepared under IRS using the fair value enterprise method shows total assets of $$930,000.$ What would total consolidated assets have been under the Identifiable Net Asset Method?a$.$$$930,000$$$882,000$$$918,000$d$.$$$926,000$ii$.$The X Company acquired $70\%$ of the common shares of the Y Company for a cash consideration of $$2,500,000.$ Due to depressed economic conditions, X was able to pay less than the fair value for the identifiable net assets. Negative goodwill of $$80,000$ resulted at the acquisition date. Which of the following could be used to record the $$80,000$ in accordance with GAAP.b$.$d$.$Record a reduction of the acquiree's assets and liabilities.Credit to retained earningsReduce future income taxesRecord an extraordinary gain.On January $14.2016,$ the X Company purchased $100\%$ of the common shares of the Y Company for $$200,000.$ The shareholders' equity of Y was $$150,000$ on the date of the acquisition. Any purchase price discrepancy was allocated to land. On December $31"\mathrm{.}2021,$ X sold one quarter of the interest in Y for $$65,000.$ The shareholders' equity of Y was $$190,000$ on December $31\mathrm{.}2021.$Assume that X accounts for its investment in Y under the equity method. What is X$\text{'}$s gain or loss on the sale of one$-$quarter of its interest in the shares of Y$?$a$.$ b$.$d$.$$$135,000$ loss$$5,000$ gain$$15,000$ gain$$17,500$ gain.