tion 35 The elimination entry under the perpetual inventory system for Intercompany sales is a debit to sales and a credit to purchases et red Select one: d out of True g question False on 36 ed Xco, purchased 100% of Y Common stock at 1/1/2020 for $ 300,000 ,on the same date the y co stock was $ 100,000 and retained earning $120,000 , at acquisition date the net assets of y co. book value was equal to fair value except ( inventory FV more than BV of $26,000) and (land its FV more than BV10,000) (Building its FV more than BV by $ 14,000 ) but ( equipment its FV less than B V by $10,000) if y co. reported $160,000 net income for 31/12/2020 and paid $ 60,000 dividends out of question Other information 1- the y inventory completely sold during 2020 2- the building useful life was 7 years, but equipment 5 years 3- there is no impairment for goodwill during 2020 if equipment balance in 31/12/2020 in parent co 50,000 & in subsidiary co 60,000 what is amount of equipment in consolidated balance sheet in 31/12/2020 Select one: a. 110,000 b. 100,000 c. 120,000 d. 102,000