Miller Company acquired an $80$ percent interest in Taylor Company on January $1,2022.$ Miller paid $$664,000$ in cash to the owners of Taylor to acquire these shares. In addition, the remaining $20$ percent of Taylor shares continued to trade at a total value of $$166,000$ both before and after Miller$$s acquisition.On January $1,2022,$ Taylor reported a book value of $$600,000($Common Stock $=$ $$300,000$; Additional Paid$-$In Capital $=$ $$90,000$; Retained Earnings $=$ $$210,000).$ Several of Taylor$$s buildings that had a remaining life of $20$ years were undervalued by a total of $$80,000.$During the next three years, Taylor reports income and declares dividends as follows:Determine the appropriate answers for each of the following questions:$1.$What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition?If a consolidated balance sheet is prepared as of January $1,2022,$ what amount of goodwill should be recognized?$2.$If a consolidation worksheet is prepared as of January $1,2022,$ what Entry S and Entry A should be included?$3.$On the separate financial records of the parent company, what amount of investment income would be reported for $2022$ under each of the following accounting methods?$4.$On the parent company$$s separate financial records, what would be the December $31,2024,$ balance for the Investment in Taylor Company account under each of the following accounting methods?$5.$As of December $31,2023,$ Miller$$s Buildings account on its separate records has a balance of $$800,000$ and Taylor has a similar account with a $$300,000$ balance. What is the consolidated balance for the Buildings account?$6.$What is the balance of consolidated goodwill as of December $31,2024?7.$Assume that the parent company has been applying the equity method to this investment. On December $31,2024,$ the separate financial statements show that Miller had a common stock of $$500,000$ and additional paid$-$in capital of $$280,000$ with a retained earnings of $$620,000$ for the period ending $12/31/24$ and Taylor had a common stock of $$300,000$ and additional paid$-$in$-$capital of $$90,000$ with a retained earnings of $$425,000$ for the period ending $12/31/24.$ What will be the consolidated balance of each of these accounts?