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(etniog a) S sivo Consolidated Journal Entries at 12/31/2019 under Equity method (2 points) (S) (A) (1) (D) (E) Depreciation expense Long-term liability Equipment Interest expenseConsolidated Journal Entries at 12/31/2019 under Initial Value method (1 point) (S) the same as the equity method (yeso) (A) the same as the equity method (yeso) (1) (E) the same as the equity method (yeso)Consolidated Journal Entries at 12/31/2019 under partial equity method (1 point) (S) the same as the equity method (yeso) (A) the same as the equity method (yeso) (1) (D) the same as the equity method (yeso) (E) the same as the equity method (yeso)Adams, Inc., acquires 100% voting shares of Clay Corporation on January 1, 2019, in exchange for $510,000 cash. Immediately after the acquisition, Clay has $450,000 of net assets (Common stock $150,000 and Retained earnings on January 1, 2019 $300,000) and its equipment (5-year life) is undervalued by $50,000 and its long-term liability (4-year life) is undervalued by $10,000. Clay earns a net income of $55,000 and pays a $5,000 cash dividend in 2019 and Clay earns a net income of $60,000 and pays $8,000 cash dividend in 2020. Purchase Price Allocation and Annual Amortization (1 point): Clay's acquisition-date fair value .......... Book value (assets minus liabilities, or stockholders' equity) ............" Fair value in excess of book value Annual excess Allocation to equipment based on Life amortizations difference between fair and book value .. 50,000 5 yrs. Allocation to LT liability (10,000) 4 yrs. (2,500) Goodwill . $20,000 indefinite -0- Total $7,500 Investment in Clay-December 31, 2020: Consideration transferred for Clay 2019: Equity accrual (based on Clay's Income) . Excess amortizations (above) ....... Dividends received ...... 1/1/2020 552,500 2020: Equity accrual (based on Clay's Income). Excess amortizations ..... Dividends received ...... Total ...... $597,000 Equity in subsidiary earnings-2020 Equity accrual (based on Clay's Income). Excess amortizations ........... Equity in subsidiary earnings(2020) 52,500