Please use the information below to answer questions 8 to 10. Phan acquired all of ABC's common stock on January 1,2021 , in exchange for $1,100,000 in cash. On that day, ABC reported common stock of $310,000 and retained earnings of $450,000. At the acquisition date, $180,000 of the fair-value price was attributed to undervalued land while $120,000 was assigned to undervalued building having an 8-year remaining life. Any excess of consideration transferred over fair value of net assets acquired is considered goodwill. Over the next few years, Phan applied the equity method to the recording of this investment. The following are individual financial statements for the year ending December 31, 2023. 8. How much equity income (or equity in income of ABC ) will Phan report on its internal accounting records as a result of ABC's operations in 2023 ? 9. Compute the December 31, 2023, consolidated building, net. 10. Compute the December 31,2023 , consolidated total liabilities and stockholders' equity