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Req A

Determine the December $31,2021,$ consolidated balance for each of the following accounts: $($Input all amount as positive

values.$)$ d$.$ Determine parent's investment income for $2021$ under partial equity method and equity method.

e$.$ What would be Foxx's balance for retained earnings as of January $1,2021,$ if each of the following methods had been in

use?Foxx Corporation acquired all of Greenburg Company$$s outstanding stock on January $1,2019,$ for $$614,000$ cash. Greenburg$$s accounting records showed net assets on that date of $$457,000,$ although equipment with a $10-$year remaining life was undervalued on the records by $$111,000.$ Any recognized goodwill is considered to have an indefinite life.

Greenburg reports net income in $2019$ of $$94,500$ and $$143,500$ in $2020.$ The subsidiary declared dividends of $$20,000$ in each of these two years.

Account balances for the year ending December $31,2021,$ follow. Credit balances are indicated by parentheses.

Foxx Greenburg

Revenues $ $(828,000)$ $ $(764,000)$

Cost of goods sold $103,500191,000$

Depreciation expense $328,000441,000$

Investment income $(20,000)0$

Net income $ $(416,500)$ $ $(132,000)$

Retained earnings, $1/1/21$ $ $(1,150,000)$ $ $(355,000)$

Net income $(416,500)(132,000)$

Dividends declared $120,00020,000$

Retained earnings, $12/31/21$ $ $(1,446,500)$ $ $(467,000)$

Current assets $ $323,000$ $ $122,000$

Investment in subsidiary $614,0000$

Equipment $($net$)1,022,000730,000$

Buildings $($net$)874,000420,000$

Land $726,000103,000$

Total assets $ $3,559,000$ $ $1,375,000$

Liabilities $ $(1,212,500)$ $ $(608,000)$

Common stock $(900,000)(300,000)$

Retained earnings $(1,446,500)(467,000)$

Total liabilities and equity $ $(3,559,000)$ $ $(1,375,000)$

Determine the December $31,2021,$ consolidated balance for each of the following accounts:

Depreciation Expense Buildings

Dividends Declared Goodwill

Revenues Common Stock

Equipment

How does the parent's choice of an accounting method for its investment affect the balances computed in requirement $($a$)?$

Which method of accounting for this subsidiary is the parent actually using for internal reporting purposes?

Determine parent's investment income for $2021$ under partial equity method and equity method.

What would be Foxx$$s balance for retained earnings as of January $1,2021,$ if each of the following methods had been in use?

Initial value method.

Partial equity method.

Equity method.