Husky, Inc. obtained 100% of Cougar Company's common stock on January 1, 2019, by issuing 50,000 shares of common stock that was trading at $40 per share. The acquisition agreement also contained a contingent consideration clause to which Husky assigned a fair value of $100,000. On January 1, 2019, Cougar reported a net book value of $1,600,000. However, Equipment (10-year life) was undervalued by $150,000. Also, Cougar had research and development in process with an assessed value of $200,000, although no value had been recorded on Cougar's books. This amount is not being amortized. Any remaining excess of fair value over book value was attributed to Goodwill. During 2019, Cougar reported Net Income of $320,000 and paid Dividends of $120,000. The following figures come from the individual accounting records of the two companies as of December 31, 2020. Net Income of Husky is from its own operations and excludes any income from Cougar: Husky Cougar Net Income $800,000 $400,000 Investment Income not given Dividends Paid $325,000 $125,000 Equipment-Net $800,000 $280,000 a. Complete the Fair Value Analysis for this transaction b. What is consolidated Net Income for the year ended December 31, 2020: c. What is the consolidated balance of Equipment at December 31, 2020? d. If Husky has applied the initial value method, what adjustment is needed to the beginning balance of Retained Earnings on a December 31, 2020 consolidation worksheet? (i.e CJE *C) e. If Husky has applied the partial value method, what adjustment is needed to the beginning balance of Retained Earnings on a December 31, 2020 consolidation worksheet? (i.e. CJE *C)