Miller Company acquired an 80 percent Interest in Taylor Company on January 1, 2019. Miller pald $784,000 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 $196,000 both before and after Miller's acquisition. On January 1, 2019, Taylor reported a book value of $768,000 (Common Stock = $384,000Additional Pald-In Capital = $115,200: Retained Earnings = $268.800). Several of Taylor's buildings that had a remaining life of 20 years were undervalued by a total of $102,500. During the next three years, Taylor reports income and declares dividends as follows: Year Net Income Dividends 2019 $ 90,200 $13,100 2020 117,900 19,700 2021 131,300 26,300 Determine the appropriate answers for each of the following questions: a. What amount of excess depreciation expense should be recognized in the consolidated financial statements for the Initial years following this acquisition? b. If a consolidated balance sheet is prepared as of January 1, 2019, what amount of goodwill should be recognized? c. If a consolidation worksheet is prepared as of January 1, 2019, what Entry S and Entry A should be included? d. On the separate financial records of the parent company, what amount of investment Income would be reported for 2019 under each of the following accounting methods? The equity method. The partial equity method. The initial value method. e. On the parent company's separate financial records, what would be the December 31, 2021, balance for the Investment in Taylor Company account under each of the following accounting methods? The equity method. The partial equity method. The initial value method. f. As of December 31, 2020, Miller's Buildings account on its separate records has a balance of $1,052,000 and Taylor has a similar account with a $394,500 balance. What is the consolidated balance for the Buildings account? g. What is the balance of consolidated goodwill as of December 31, 2021? h. Assume that the parent company has been applying the equity method to this Investment. On December 31, 2021, the separate financial statements for the two companies present the following Information: Common stock Additional paid-in capital Retained earnings 12/31/21 Miller Company $657,500 368,200 Taylor Company $384,000 115,200 815,300 549,100 What will be the consolidated balance of each of these accounts? Reg A and B Reqc Req D Req F and and E ReqH a. What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition? b. If a consolidated balance sheet is prepared as of January 1, 2019, what amount of goodwill should be recognized? Amount of excess depreciation b. Amount of goodwill Req A Reqc ReqD Req F and and B ReqH and E If a consolidation worksheet is prepared as of January 1, 2019, what Entry S and Entry A should be included? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less view transaction list Consolidation Worksheet Entries 1 2 Prepare entry S. Note: Enter debits before credits. Date Accounts January 01, 2019 Debit Credit Record entry view general journal Clear entry Reg A Reqc Reg D Reg F and and B ReqH and E If a consolidation worksheet is prepared as of January 1, 2019, what Entry S and Entry A should be included? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less view transaction list Consolidation Worksheet Entries 1 2 Prepare entry A. Note: Enter debits before credits. Accounts Debit Credit Date January 01, 2019 Record entry view general journal Clear entry Reg A and B Req D Req F and Reqc ReqH and E d. On the separate financial records of the parent company, what amount of investment income would be reported for 2019 under each of the following accounting methods? e. On the parent company's separate financial records, what would be the December 31, 2021, balance for the Investment in Taylor Company account under each of the following accounting methods? Show less d. Investment Investment Income Balance The equity method The partial equity method The initial value method Req A Reqc Req D Req F and ReqH and B and E G f. As of December 31, 2020, Miller's Buildings account on its separate records has a balance of $1,052,000 and Taylor has a similar account with a $394,500 balance. What is the consolidated balance for the Buildings account? g. What is the balance of consolidated goodwill as of December 31, 2021? Show less Consolidated f. balance Consolidated 9- balance Req A Reqc Reg D Reg Fand and B ReqH and E Assume that the parent company has been applying the equity method to this investment. On December 31, 2021, the separate financial statements for the two companies present the following information: Miller Company Taylor Company Common stock $ 657,500 $ $ 384,000 Additional paid-in capital 368,200 115,200 Retained earnings, 12/31/21 815,300 549,100 What will be the consolidated balance of each of these accounts? Show less Common stock Additional paid-in capital Retained earnings 12/31/21