The newest clerk in the accounting office recently entered trial balance data for the parent company and its subsidiaries on the new company microcomputer. After a few minutes of additional work needed to eliminate the intercompany investment account balances, he expressed his satisfaction at having completed the consolidation workpaper for 20X5. In reviewing the printout of the consolidation workpaper, other employees raised several questions, and you are asked to respond.

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Indicate whether or not each of the following items can be answered by looking at the data in the consolidation workpaper (indicate why or why not):

a. Is it possible to tell if the parent is using the equity method in recording its ownership of each subsidiary?

b. Is it possible to tell if the correct amount of consolidated net income has been reported?

c. One of the employees thought the parent company had paid well above the fair value of net assets for a subsidiary purchased on January 1, 20X5. Is it possible to tell by reviewing the consolidation workpaper?

d. Is it possible to determine from the workpaper the percentage ownership of a subsidiary held by the parent?