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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 $5000 cash dividend in 2019 and Clay earns a net income of $60,000 and pays $8000 cash dividend in 2020.

Purchase Price Allocation and Annual Amortization

Clay's acquisition-date fair value ...................................................................

Book value (assets minus liabilities, or stockholders' equity) ..................

Fair value in excess of book value.................................................................

Allocation to equipment based on ..............................................................Annual excess life amortization

Difference between fair and book value ...................................................50,000 5yrs

Allocation to LT liability ...............................................................................$(10,000) 4yrs(2,500)

Goodwill .........................................................................................................$20,000 indefinite0-

Total ............................................................................................................$ 7,500

Investment in Clay - December 31, 2020:

Consideration transferred for Clay

2019:

Equity accrual (based on Clay's Income) .................................

Excess amortization (above)......................................................

Dividends received.......................................................................

1/1/2020$552,500

2020:

Equity accrual (based on Clays income)................................

Excess amortizations...............................................................

Dividends received ...................................................................

Total.............................................................................................$597,000

Equity in subsidiary earnings 2020

Equity accrual (based on Clay income )................

Excess amortizations...............................................

Equity in subsidiary earnings 2020....................... 52,500

Consolidated Journal Entries at 12/31/2019 under equity method

(S)

(A)

(I)

(D)

(E) Depreciation expense

Long-term liability

Equipment

Interest expense

Consolidated Journal Entries at 12/31/2019 under initial value method

(S) the same as the equity method (yes/no)

(A) the same as the equity method (yes/no)

(I)

(E) the same as the equity method (yes/no)

Consolidated Journal Entries at 12/31/2019 under partial equity method

(S) The same as the equity method (yes/no)

(A) the same as the equity method (yes/no)

(I)

(D) the same as the equity method (yes/no)

( E) the same as the equity method (yes/no)