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Question 21 3 pts Using which method requires disclosure at the bottom of the statement of cash flows or in the financial statement notes for the transaction of acquiring land financed entirely by issuing a 10-year note payable? Indirect only Direct only Direct and Indirect O Neither Direct nor Indirect Question 22 3 pts Owl Co. has 200,000 common shares, 50,000 common stock options, and 20,000 shares of $100, 5% cumulative preferred stock, all of which were outstanding during 2020. The stock options exercise price is $20 and the average market price is $50 during 2020. Owl has net income of $500,000 and declared no dividends in 2020. What is basic and diluted EPS? Basic EPS $2.00 & Diluted EPS $1.60 Basic EPS $2.00 & Diluted EPS $1.74 O Basic EPS $2.50 & Diluted EPS $1.60 O Basic EPS $2.50 & Diluted EPS $1.74 Question 23 3 pts Which of the following changes made by Fox Co. in 2020 would require changing amounts on the 2019 and 2018 columns of Fox's comparative income statement for 2020: 1) Change in inventory method to FIFO from LIFO 2) Change from straight-line to declining balance method Neither 1) nor 2) 1) only Both 1) & 2) O2) only Question 24 3 pts On January 2, 2020, Owl Co. purchased a 25% interest in Fox Co. for $650,000. On this date, Fox's stockholders' equity was $2,000,000. The carrying amounts of Fox's identifiable net assets approximated their fair values, except for land whose fair value exceeded its carrying amount by $500,000. For 2020, Fox reported net income of $300,000 and declared dividends of $40,000. Owl accounts for this investment using the equity method. In its December 31, 2020 balance sheet, what amount should Owl report as investment in subsidiary? O $725,000 $715,000 O $910,000 $650,000