Foxx Corporation acquired all of Greenburg Company's outstanding stock on January $1,2019,$ for $$600,000$ cash. Greenburg's

accounting records showed net assets on that date of $$470,000,$ although equipment with a $10-$year remaining life was undervalued

on the records by $$90,000.$ Any recognized goodwill is considered to have an Indefinite life.

Greenburg reports net Income in $2019$ of $$90,000$ and $$100,000$ in $2020.$ The subsidlary 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.

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

b$.$ How does the parent's cholce of an accounting method for Its Investment affect the balances computed in requirement $($a$)?$

c$.$ Which method of accounting for this subsidlary is the parent actually using for internal reporting purposes?

d$.$ Determine parent's Investment Income for $2021$ under partlal 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?

Inttial value method.

Partial equity method.

Equlty method.

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

values.$)$

Req $B$ and $C$

Req $D$ and $E$

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?

ReqA,ReqB and $C,$ReqD and $E$

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?