17. Consolidation several years subsequent to date of acquisition-Equity method Assume that a parent company acquired a subsidiary on January 1, 2014. The purchase price was $665,000 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 Original Original Useful Amount A] Asset Life 245,000 105,000 175,000 $665,000 16 years years 10 years Indefinite The [A] assets with definite useful lives have been depreciated or amortized as part of the parent's pre- consolidation equity method accounting. The Goodwill asset has been tested annually for impairment, and has not been found to be impaired The financial statements of the parent and its subsidiary for the year ended December 31, 2016, are as follows: Parent Subsidiary Parent Subsidiary Income statement: Balance sheet: (3,457,300) 1,229,200 303,800 389,900 Net income... . . . . . . $ 753,550 183,400 Property, plant and equipment (PPE), net2,923,200 721,000 $8,026,550 $1,752,100 Statement of retained earnings BOY retained earnings.... $1,694,700 676,200 Liabilities and stockholders' equity 753,550 (364,000) 163,100 436,100 87,500 109,200 831,600 $8,026,550 $1,752,100 835,800 527,100 a. Compute the Equity Investment balance as of January 1, 2016 b. Show the computation to yield the $129,150 equity income reported by the parent for the year ended December 31, 2016. Show the computation parent at December 31, 2016. Prepare the consolidation entries for the year ended December 31, 2016 Prepare the consolidation spreadsheet for the year ended December 31, 2016. c. to yield the $1,530.550 Equity Investment account balance reported by the d. e