On January 3, 2019, Persoff Corporation acquired all of the outstanding voting stock of See Cift, in exchange for $7,793,000 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, Sa Cliff's stockholders equity was $2,560.500 including retained earnings of $1,760,500 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: Asset Computer softwa Sea Citt's remaining identifiable assets and abilities 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 Net Income Dividend 901,100150,000 941,100 150,000 2019 200 202976,100 150,000 December 31, 2021, financial statements for each company follow Parentheses indicate credit balances Dividends declared were paid in the same period. Persoll Sea Cliff Income Statement Revenues Cost of goods sold C00022305.000 390,900 Depreciation expense 32.500 402,000 Amortization expense 36,000 Equity camings in Sea Cliff (411.30 Net income (976,1000) Statement of Retained Earnings Retained earnings 1/ Net income (above) 37.525.00033302,700 (976,100 Dividends declared Retained comings 12:31 150,000 67004128.800 Balance Sheet 539500 402,500 Investment in Sea Cl 8430 Computer sodware 355,000 61.500 Patented technology SAADO 00020 Koodwill 1371,500 4,610,000 Total assets Liabilities Common stock 12.222.300 5.376,000 2165(247.200 2,000,000 Retained coming 12:31 Total liabilities and equity Note: Parentheses indicate a credit balance 12.222.30035.176.000 Determine the fair value in excess of book value for 1. Persoff's acquisition date investment in Sea Cliff Determine Persoff's Equity eamings in Sea Cr's 2. balance for the year ended December 31, 2021 Determine Persoft's December 31, 2021, investment 3. in Sea Cliff's balance. Prepare a worksheet to determine the consolidated values to be reported on Persoft's financial 4. statements