Herbert, Inc, acquired all of Rambis Company's outstanding stock on January 1, 2020, for $622,000 in cash. Annual excess amortization of $11,300 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $465,000, and Rambis reported a $211,000 balance. Herbert reported internal net income of $43,500 in 2020 and $56,900 in 2021 and declared $10,000 in dividends each year. Rambis reported net income of $22,100 in 2020 and $35,500 in 2021 and declared $5,000 in dividends each year: a. Assume that Herbert's internal net income figures above do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31,2021 ? - What would be the amount of consolidated retained earnings on December 31,2021 , if the parent had applied either the initia! value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1,2021? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry * C on a 2021 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Complete this question by entering your answers in the tabs below. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1 , 2021? The parent uses the equity method. The parent uses the partial equity method. The parent uses the initial value method. Herbert, inc, acquired all of Rambis Company's outstanding stock on Jonuary 1, 2020, for $622,000 in cash. Annual excess amortization of $1,300 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $465,000, and Rambis reported a $211,000 balance. Herbert reported internal net income of $43,500 in 2020 and $56,900 in 2021 and declared $10,000 in dividends each yeat: Rambis reported net income of $22,100 in 2020 and $35,500 in 2021 and declared $5,000 in dividends each year: a. Assume that Herbert's internal net income figures above do not include any income from the subsidiary. - If the parent uses the equity method, whot is the amount reported as consolidated retained earnings on December 31, 2021? - What would be the amount of consolidated retained earnings on December 31, 2021, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1,2021? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry * C on a. 2021 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The porent uses the initial value method. Complete this question by entering your answers in the tabs below. Under each of the following situations, what is Entry "C on a 2021 consolitation worksheet? (If no entry is required for a transactionvevent, select "No foumat entry required" in the first account fleld.) The parent uses the equity method. The parent uses the partial equily method. The parent uses the initial value method. Consolidation Worksheet Entries Prepare entry *C if the parent used the equaty method. Herbert, Inc,, acquired all of Rambis Company's outstanding stock on January 1,2020 , for $622,000 in cash. Annual excess amortization of $11,300 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $465,000, and Rambis reported a $211,000 balance. Herbert reported internal net income of $43,500 in 2020 and $56,900 in 2021 and declared $10,000 in dividends each year. Rambis reported net income of $22,100 in 2020 and $35,500 in 2021 and declared $5,000 in dividends each year. a. Assume that Herbert's internal net income figures above do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2021? - What would be the amount of consolidated retained earnings on December 31, 2021, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1,2021? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry " C on a 2021 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Complete this question by entering your answers in the tabs below. Assume that Herbert's internal net income figures above do not include any income from the subsidiary. If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2021? What would be the amount of consolidated retained earnings on December 31,2021 , if the parent had applied either the initial value or partial equity method for internal accounting purposes