20. On January 1, Y1, Nana Company paid $100,000 for 8,000 shares…

20. On January 1, Y1, Nana Company paid $100,000 for 8,000 shares of Papa Company common stock. The ownership in Papa Company is 10%. Nana Company does not have significant influence over Papa Company. Papa reported net income of $52,000 for the year ended December 31, Y1. The fair value of the Papa stock on December 31, Y1 date was $45 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, Y1?


21. A company adopted the dollar-value LIFO inventory method on January 1, 2024. In applying the LIFO method, the company uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:


22. A company has four types of products in its inventory as shown below:

ProductQuantityCostNet Realizable Value
A15$ 7$ 10

When accounting for the lower of cost or net realizable value by individual items, the year-end adjustment to write down inventory would be:

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