According to Field Theory, the amount of attraction that the members of a group feel for one another is called:

A) Consensus
B) Cohesion
C) Gestalt
D) Valence

Hyperinflations are associated with governments printing money to finance expenditures.

Landowners will not receive any rent so long as:

A) there is any tax on land.
B) the supply and demand curves for land intersect.
C) the supply curve of land is perfectly inelastic.
D) the supply curve lies entirely to the right of the demand curve.

Brand X Inc. purchased a controlling interest in Brand Y Inc. on January 1, 2020. On that date, Brand Y Inc. had common shares and retained earnings worth $180,000 and $20,000, respectively. Goodwill is tested annually for impairment. At the date of acquisition, Brand Y's assets and liabilities were assessed for fair value as follows:
$\begin{array}{lr}\text{ Inventory }& \$5,000\text{ less than book value }\\ \text{ Equipment }& \$30,000\text{ less than book value }\\ \text{ Patent }& \$24,000\text{ greater than book value }\\ \text{ Bonds Payable }& \$5,000\text{ less than book value }\end{array}$ The balance sheets of both companies, as at December 31, 2020 are disclosed below:
$\begin{array}{lrr}& \text{ Brand X Inc. }& \text{ Brand Y Inc. }\\ \text{ Cash }& \$200,000& \$45,000\\ \text{ Accounts Receivable }& \$100,000& \$40,000\\ \text{ Inventory }& \$80,000& \$55,000\\ \text{ Equipment (net) }& \$220,000& \$100,000\\ \text{ Patent }& & \$60,000\\ \text{ Investment in Brand Y }& \$348,000& \\ \text{ Total Assets }& \$948,000& \$300,000\\ \text{ Current Liabilities }& \$480,000& \$53,000\\ \text{ Bonds Payable }& \$270,000& \$50,000\\ \text{ Common Shares }& \$100,000& \$180,000\\ \text{ Retained Earnings }& \$98,000& \$19,000\\ \text{ Total Liabilities and Equity }& \$948,000& \$300,000\end{array}$ The net incomes for Brand X and Brand Y for the year ended December 31, 2020 were $1,000 and $50,000 respectively. Brand X did not declare any dividends during the year. However, Brand Y paid $51,000 in dividends to make up for several years in which the company had never paid any dividends.
An impairment test conducted on December 31, 2020 revealed that the Goodwill should actually have a value $2,000 lower than the amount calculated on the date of acquisition.
Both companies use a FIFO system, and Brand Y's inventory on the date of acquisition was sold during the year. Brand Y's equipment and patent have useful lives of 10 years and 6 years respectively from the date of acquisition. All bonds payable mature on January 1, 2025.
Prepare Brand X's consolidated balance sheet as at December 31, 2020, assuming that Brand X purchased 100% of Brand Y for $350,000 and accounts for its investment using the equity method.