Determining ending consolidated balances in the third year following the acquisition-Equity method Assume that your company...

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Determining ending consolidated balances in the third year following the acquisition-Equity method Assume that your company acquired a subsidiary on January 1, 2020. The purchase price was $1,280,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets: [A] Asset Patent Goodwill Original Amount Original Useful Life $800,000 10 years 480,000 Indefinite $1,280,000 The [A] assets with a useful life have been amortized as part of the parent's equity method accounting. The financial statements of the parent and its subsidiary for the year ended December 31, 2022, are as follows: Parent Subsidiary Income statement: Balance sheet: Sales $4,800,000 $1,440,000 Assets Cost of goods sold (3,200,000) (800,000) Cash Gross profit 1,600,000 Equity income Operating expenses 640,000 Accounts receivable 240,000 Inventory (720,000) (320,000) Equity investment Net income Statement of retained earnings: Parent Subsidiary $1,120,000 $160,000 1,456,000 320,000 1,920,000 480,000 2,544,000 $1,120,000 $320,000 Property, plant and equipment (PPE), net 4,800,000 1,280,000 $11,840,000 $2,240,000 BOY retained earnings Net income $4,000,000 1,120,000 $640,000 Liabilities and stockholders' equity 320,000 Accounts payable Dividends (320,000) (64,000) Accrued liabilities 800,000 $640,000 $144,000 192,000 Ending retained earnings $4,800,000 $896,000 Long-term liabilities Common stock 1,600,000 400,000 800,000 480,000 APIC Retained earnings 3,200,000 128,000 4,800,000 896,000 $11,840,000 $2,240,000 At what amount will the following accounts appear in the consolidated financial statements for the year ended December 31, 2022? Determining ending consolidated balances in the third year following the acquisition-Equity method Assume that your company acquired a subsidiary on January 1, 2020. The purchase price was $1,280,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets: [A] Asset Patent Goodwill Original Amount Original Useful Life $800,000 10 years 480,000 Indefinite $1,280,000 The [A] assets with a useful life have been amortized as part of the parent's equity method accounting. The financial statements of the parent and its subsidiary for the year ended December 31, 2022, are as follows: Parent Subsidiary Income statement: Balance sheet: Sales $4,800,000 $1,440,000 Assets Cost of goods sold (3,200,000) (800,000) Cash Gross profit 1,600,000 Equity income Operating expenses 640,000 Accounts receivable 240,000 Inventory (720,000) (320,000) Equity investment Net income Statement of retained earnings: Parent Subsidiary $1,120,000 $160,000 1,456,000 320,000 1,920,000 480,000 2,544,000 $1,120,000 $320,000 Property, plant and equipment (PPE), net 4,800,000 1,280,000 $11,840,000 $2,240,000 BOY retained earnings Net income $4,000,000 1,120,000 $640,000 Liabilities and stockholders' equity 320,000 Accounts payable Dividends (320,000) (64,000) Accrued liabilities 800,000 $640,000 $144,000 192,000 Ending retained earnings $4,800,000 $896,000 Long-term liabilities Common stock 1,600,000 400,000 800,000 480,000 APIC Retained earnings 3,200,000 128,000 4,800,000 896,000 $11,840,000 $2,240,000 At what amount will the following accounts appear in the consolidated financial statements for the year ended December 31, 2022?