c. Show the detailed calculations arriving at each of the following accounts at December 31, 2022: i. Consolidated Property, Plant and Equipment, net ii. Consolidated License Agreement iii. Consolidated Retained Earnings

d. What is the relationship between Parsleys Net Income and Consolidated Net Income? Why?

PROBLEM 1: Parsley Parent acquired 100% of Sage Subsidiary on January 1, 2018. The purchase price was $370,000 in excess of Sage's book value of Stockholders Equity on the acquisition date. Such excess was assigned to the following assets: Selected accounts from the parent, subsidiary and consolidated financial statements for the year ended December 31,2022 can be found in the accompanying Excel file. PROBLEM 1: Parsley Parent acquired 100% of Sage Subsidiary on January 1, 2018. The purchase price was $370,000 in excess of Sage's book value of Stockholders Equity on the acquisition date. Such excess was assigned to the following assets: Selected accounts from the parent, subsidiary and consolidated financial statements for the year ended December 31,2022 can be found in the accompanying Excel file