4. On January 1, 2019, P acquired all of the outstanding common sto for $1,000,000. On the date of acquisition, the book value and fair market value assets and liabilities were as follows: of Sub's Land Patent (10 yrs) Common Stock Retained Earnings Book Value 200,000 300,000 160,000 340,000 Fair Market Value 300,000 500,000 2019 2020: The following information is provided: P's internally generated net income (excluding any income from S) $400,000 P"s dividend declared and paid $500,000 $25,000 25,000 Sub reported net income Sub's dividend declared and paid $130,000 $160,000 $10,000 10,000 On 1/1/19, the remaining life of the patent is 10 years INSTRUCTIONS a. Prepare the acquisition date fair value allocation schedule. b. Assuming that P uses the sophisticated equity method to record its investment in Sub, prepare all the elimination entries for 2020 (the second year.) (If you have time, you can do the first year as well but it is not required.) c. Assuming that P uses the initial value (also called historical cost) method to record its investment in Sub, prepare all the elimination entries for 2019 (the first year.) d. On 1/1/19 (the date of the acquisition) had common stock of $700,000 and retained earnings of $520,000. Assuming that P uses the equity method (you can choose either partial or sophisticated equity), determine the amount of common stock, retained earnings, and Investment in Sub reported on the consolidated balance sheet as of December 31, 2019 (the first year.) e. Assum year.) and Investment in Sub that P reports on its separate books as of Dec 31, 2020 (the second ing that P uses the initial value method, determine the amount of common stock