Please answer the following mcqs as soon as possible

Answer the following question: Question No. 1 (20%): Choose the one alternative that best completes the statement or answers the question. (Show your calculations) Question Answer 1) Low Company owns 40% of the voting shares of High Corporation and uses the equity method in recording this investment. High Corporation reported a $11,513 net loss. Which of the following would be included in Low Corporation's journal entry? A) Credit to a loss account for $4,605.20 B) Debit to the investment in High Corporation account for $11,513.00 C) Debit to the investment in High Corporation account for $4,605.20 D) Credit to the investment in High Corporation account for $4,605.20 Question Answer 2) After allocating cost in excess of book value, which asset would NOT be amortized over a useful life? A) Copyrights B) Goodwill C) Patents D) All of the above assets should be amortized Question Answer 3) Howard Company acquires 26 percent of the outstanding shares of Birmington Bottling Company. The Larito Company holds the other 74 percent of Birmington and pays no attention to the ideas and suggestions put forth by Howard. Which of the following is true about Howard's reporting of this investment? A) The equity method should be applied because Howard holds 20-50 percent of the shares of Birmington Bottling B) The equity method should not be applied because Howard only holds 26 percent of the shares of Birmington Bottling. C) The equity method should not be applied because Howard does not have significant influence over Birmington Bottling. D) None of the above is the correct answer. Question Answer 4) In general, consolidated financial statements should be prepared A) when a corporation owns more than 50% of the ordinary shares of another company B) when a corporation owns more than 20% of the ordinary shares of another company C) whenever the market value of the equity investment is significantly lower than its cost D) only when a corporation owns 100% of the ordinary shares of another company