Foxx Corporation acquired all of Greenburg Companys outstanding stock on January 1, 2019, for $640,000 cash. Greenburgs accounting records showed net assets on that date of $465,000, although equipment with a 10-year remaining life was undervalued on the records by $86,500. Any recognized goodwill is considered to have an indefinite life. Greenburg reports net income in 2019 of $130,500 and $126,000 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 $ (948,000 ) $ (764,000 ) Cost of goods sold 118,500 191,000 Depreciation expense 312,000 443,000 Investment income (20,000 ) 0 Net income $ (537,500 ) $ (130,000 ) Retained earnings, 1/1/21 $ (1,198,000 ) $ (381,500 ) Net income (537,500 ) (130,000 ) Dividends declared 120,000 20,000 Retained earnings, 12/31/21 $ (1,615,500 ) $ (491,500 ) Current assets $ 340,000 $ 127,000 Investment in subsidiary 640,000 0 Equipment (net) 966,000 634,000 Buildings (net) 928,000 580,000 Land 686,000 105,000 Total assets $ 3,560,000 $ 1,446,000 Liabilities $ (1,044,500 ) $ (654,500 ) Common stock (900,000 ) (300,000 ) Retained earnings (1,615,500 ) (491,500 ) Total liabilities and equity $ (3,560,000 ) $ (1,446,000 ) 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 Foxxs 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.