Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2019, for $858,000 cash. Greenburg's accounting records showed net assets on that date of $717,000, although equipment with a 10-year remaining life was undervalued on the records by $60,000. Any recognized goodwill is considered to have an indefinite life. Greenburg reports net income in 2019 of $113,000 and $148,500 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. Revenues Cost of goods sold Depreciation expense Investment income Net income. Retained earnings, 1/1/21 Net income Dividends declared Current assets Investment in subsidiary Foxx $ (828,000) 103,500 424,000 (20,000) $ (320,500) $(1,234,000) (320, 500) 120,000 $(1,434,500) Retained earnings, 12/31/21 $ Greenburg $ (968,000) 242,000 358,000 $ (368,000) $ (638,500) (368,000) 20,000 $ (986,500) Equipment (net) Buildings (net) Land Total assets Liabilities Common stock 302,000 858,000 $ 159,000 e 692,000 1,048,000 810,000 704,000 $3,722,000 $(1,387,500) (900,000) (1,434,500) 592,000 117,000 $ 1,560,000 $ (273,500) (300,000) (986,500) 5(1,560,000) Retained earnings Total liabilities and equity $(3,722,000) a. Determine the December 31, 2021, consolidated balance for each of the following accounts: Depreciation Expense Dividends Declared Revenues Equipment Buildings Goodwill Common Stock b. How does the parent's choice of an accounting method for its investment affect the balances computed in requirement (a)? c. Which method of accounting for this subsidiary is the parent actually using for internal reporting purposes? 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? Initial value method. Partial equity method. Equity method. Req A Req B and C Req D and E Determine the December 31, 2021, consolidated balance for each of the fo values.) Depreciation expense Dividends declared Revenues Equipment Buildings Goodwill Common stock Consolidated Balances Req A Req B and C Req D and E b. How does the parent's choice of an accounting method for its investment affect the E c. Which method of accounting for this subsidiary is the parent actually using for interna b. It affects the consolidated totals Olt affects the internal reporting of the parent, but not the consolidated totals Olt doesn't have any affect c. Initial value method OPartial equity method OEquity method Req A Req B and C Req D and E d. Determine parent's investment income for 2021 under partial equity method and eq e. What would be Foxx's balance for retained earnings as of January 1, 2021, if each o use? Initial value method Partial equity method Equity method d. Investment Income Retained Earnings