On January 3, 2019, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Inc., in exchange for $6,815,000 in cash. Persoff elected to exercise control over Sea Cliff as a wholly owned subsidiary with an independent accounting system. Both companies have December 31 fiscal year-ends. At the acquisition date, Sea Cliff's stockholders' equity was $2,527,500 including retained earnings of $1,727,500. Persoff pursued the acquisition, in part, to utilize Sea Cliff's technology and computer software. These items had fair values that differed from their values on Sea Cliff's books as follows: Sea Cliff's remaining identifiable assets and liabilities had acquisition-date book values that closely approximated fair values, Since acquisition, no assets have been impaired. During the next three years, Sea Cliff reported the following income and dividends: December 31, 2021, financial statements for each company follow. Parentheses indicate credit balances. Dividends declared were paid in the same period. December 31, 2021, financial statements for each company follow. Parentheses indicate credit balances. Dividends declared were paid in the same period. Note: Parentheses indicate a credit balance. a. Determine the fait volue in excess of book volue for Persoff's acquisition date investment in Sea Citf. b. Determine Persoffs Equity earnings in Sea Ciifs balance for the year ended December 31, 2021. c. Determine Persoff's December 31, 2021, Investment in Sea Cliffs balance. d. Prepare a worksheet to determine the consolidated values to be reported on Persoff's financial statements