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Parent Corporation acquired 100% of the outstanding voting stock of Subsidiary on January 1, 2020, in exchange for $6,264,500 in cash. After this acquisition, Subsidiary remains as a wholly owned legal entity. At the acquisition date, Subsidiary's stockholders' equity was $2,095,000 including retained earnings of $1,595,000. Consideration transferred Subsidiary stockholders' equity 6,264,500 2,095,000 4,169,500 Excess fair over book value to unpatented technology (8-year remaining life) 952,000 to patents (10-year remaining life) 2,690,000 to increase long-term debt (undervalued, 5-year remaining 3,447,000 life) (195,000) $ Goodwill 722,500 On the date of acquisition, Parent prepared the following fair-value allocation schedule for its newly acquired subsidiary: Parent employs the equity method to account for its investment in Subsidiary. During the two years following the business combination, Subsidiary reports the following net income and dividends: Net Income Dividends 2020 $444,375 $25,000 50,000 2021 888,750 Parent and Subsidiary have their own accounting system and report their individual financial statements as of December 31, 2021. Parentheses indicate credit balances. Parent Subsidiary Income Statement Sales $(3,995,000) Cost of goods sold $ (6,780,000) 4,766,000 970,000 477,500 2,561,750 334,000 Depreciation expense Amortization expense 131,500 Interest expense 79,000 93,000 (539,750) Equity earnings in Subsidiary 0 Net income $ (1,013,250) $ (888,750) Statement of Retained Earnings Retained earnings 1/1 Net income (above) Dividends declared $(5,530,000) (1,013,250) 560,000 $ (2,014,375) (888,750) 50,000 Retained earnings 12/31 $(5,983,250) $ (2,853,125) Balance Sheet Cash $ 103,500 $ 171,500 272,500 1,045,000 Accounts receivable Inventory 1,890,000 880,000 Investment in Subsidiary 6,824,625 0 Equipment (net) 3,890,000 Patents 2,118,500 0 1,545,000 0 142,500 2,220,000 491,500 Unpatented technology Goodwill Total assets Accounts payable Long-term debt $ 16,607,125 $ (1,423,875) (1,000,000) $ 4,987,500 $ (434,375) (1,200,000) (500.000) Common stock (8.200.000 Parent employs the equity method to account for its investment in Subsidiary. During the two years following the business combination, Subsidiary reports the following net income and dividends: Net Income Dividends 2020 $444,375 $25,000 2021 888,750 50,000 Parent and Subsidiary have their own accounting system and report their individual financial statements as of December 31, 2021. Parentheses indicate credit balances. Parent Subsidiary Income Statement Sales $(3,995,000) Cost of goods sold $ (6,780,000) 4,766,000 970,000 2,561,750 Depreciation expense 334,000 Amortization expense 477,500 131,500 Interest expense 93,000 79,000 Equity earnings in Subsidiary (539,750) 0 Net income $ (1,013,250) $ (888,750) Statement of Retained Earnings Retained earnings 1/1 $(5,530,000) Net income (above) (1,013,250) 560,000 $ (2,014,375) (888,750) 50,000 Dividends declared Retained earnings 12/31 $(5,983,250) $ (2,853,125) Balance Sheet Cash $ 103,500 $ 171,500 272,500 Accounts receivable 1,045,000 Inventory 1,890,000 880,000 Investment in Subsidiary 6,824,625 0 Equipment (net) 3,890,000 2,118,500 Patents 0 142,500 2,220,000 491,500 Unpatented technology Goodwill 1,545,000 O Total assets Accounts payable Long-term debt $ 16,607,125 $(1,423,875) (1,000,000) (8,200,000) (5,983,250) $4,987,500 $ (434,375) (1,200,000) (500,000) Common stock Retained earnings 12/31 (2,853,125) Total liabilities and equity $ (16,607,125) $(4,987,500) Required: a. Determine the annual amortization (AMORT) of the fair value in excess of book value for Parent's acquisition date investment in Subsidiary. b. Prepare a worksheet to determine the consolidated values to be reported on Parent's financial statements. Note: For accounts where multiple consolidation entries are required, combine all entries into one amount and enter this amount in the appropriate debit or credit column of the worksheet. Input all amounts as positive values. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required A B Prepare a worksheet to determine the consolidated values to be reported on the consolidated financial statements. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Allison Mathias Debit Credit Income Statement $ Revenues $(6,780,000) (3,995,000) Cost of goods sold 4,766,000 2,561,750 Depreciation expense 970,000 334,000 Amortization expense 477,500 131,500 388,000 93,000 79,000 Interest expense Equity earnings in Subsidiary (539,750) 539,750 Net income $(1,013,250) $ (888,750) Statement of Retained Earnings 2,014,375 (5,530,000) (2,014,375) (1,013,250) (888,750) Retained earnings 1/1 Net income (above) Dividends declared Retained earnings 12/31 560,000 50,000 $ $(5,983,250) (2,853,125) Balance Sheet Cash $ 103,500 $ 171,500 Accounts receivable 1,045,000 272,500 Inventories 1,890,000 880,000 39,000 50,000 Consolidated Totals $ (10,775,000) 7,327,750 1,304,000 997,000 133,000 $ (1,013,250) (5,530,000) (1,013,250) 560,000 $ (5,983,250) $ 275,000 1,317,500 2,770,000 Accounts Income Statement Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity earnings in Subsidiary Net income Statement of Retained Earnings Retained earnings 1/1 Net income (above) Dividends declared Retained earnings 12/31 Balance Sheet Cash Accounts receivable Inventories Investment in Subsidiary Equipment (net) Patents Unpatented technology Goodwill Total assets Accounts payable Long-term debt Common stock Retained earnings 12/31 Total liabilities and equity Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Allison Mathias Debit Credit $ $(6,780,000) (3,995,000) 4,766,000 2,561,750 970,000 334,000 477,500 131,500 388,000 93,000 79,000 (539,750) 539,750 $(1,013,250) $ (888,750) (5,530,000) (2,014,375) 2,014,375 (1,013,250) (888,750) 560,000 50,000 $(5,983,250) (2,853,125) $ 103,500 $ 171,500 1,045,000 272,500 1,890,000 880,000 6,824,625 50,000 6,874,625 3,890,000 2,118,500 142,500 2,421,000 269,000 2,220,000 1,545,000 833,000 119,000 491,500 722,500 $ 16,607,125 $4,987,500 (1,423,875) (434,375) (1,000,000) (1,200,000) 39,000 156,000 500,000 (8,200,000) (500,000) (5,983,250) (2,853,125) $ $ $ (16,607,125) (4,987,500) 7,507,625 7,507,625 39,000 50,000 Show less Consolidated Totals $(10,775,000) 7,327,750 1,304,000 997,000 133,000 $ (1,013,250) (5,530,000) (1,013,250) 560,000 $ (5,983,250) $ 275,000 1,317,500 2,770,000 6,008,500 2,294,500 4,479,000 1,214,000 $ 18,358,500 (1,858,250) (2,317,000) $ (8,200,000) $ (5,983,250) 18,358,500