Information for questions 5-9

The following are selected account balances from Parent Company and Sub Corporation as of December 31, 2021: Show work

	Parent					Sub
Revenues	$	(700,000	)			$	(400,000	)
Cost of goods sold		250,000					100,000
Depreciation expense		150,000					200,000
Investment income		Not given					0
Dividends declared		80,000					60,000
Retained earnings, 1/1/21		(600,000	)				(200,000	)
Current assets		400,000					500,000
Copyrights		900,000					400,000
Royalty agreements		600,000					1,000,000
Investment in Stanza		Not given					0
Liabilities		(500,000	)				(1,380,000	)
Common stock		(600,000	)	($20 par)			(200,000	)	($10 par)
Additional paid-in capital		(150,000	)				(80,000	)

Note: Parentheses indicate a credit balance. On January 1, 2021, Parent acquired all of Subs outstanding stock for $680,000 fair value in cash and common stock. Parent also paid $10,000 in stock issuance costs. At the date of acquisition, copyrights owned by the sub (with a six-year remaining life) have a $440,000 book value but a fair value of $560,000.

1. As of December 31, 2021, what is the consolidated copyrights balance? (you need parent and sub, and the sub needs to be adjusted for date of acquisition value, and amortization)
2. For the year ending December 31, 2021, what is consolidated net income? (you need parent and sub, and you need to adjust for amortization)
3. As of December 31, 2021, what is the consolidated retained earnings balance?
4. As of December 31, 2021, what is the consolidated balance to be reported for goodwill?
5. As of December 31, 2021, what is the consolidated figure to be reported for dividends declared?