On January 3,2019 , Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Inc., In exchange for $8,282,000 in cash. Persoff elected to exercise control over Sea Clliff as a wholly owned subsidlary with an independent accounting system. Both companles have December 31 fiscal year-ends. At the acquistition date, Sea Cliff's stockholders' equity was $2,577,000 including retained earnings of $1,777,000. Persoff pursued the acquistiton, In part, to utillze Sea Cllff's technology and computer software. These items had falr values that differed from their values on Sea Cliff's books as follows: Sea Cliff's remaining identifiable assets and llabilities had acquisition-date book values that closely approximated falr values. Since acquistition, no assets have been impaired. During the next three years, Sea Cliff reported the following income and dividends: December 31, 2021, financial statements for each company follow. Parentheses indicate credit balances. Dividends declared were paid In the same period. Retained earnings 12/31 Balance Sheet Current assets Investment in Sea Cliff Computer software Patented technology Goodwill Equipment Total assets Liabilities \begin{tabular}{rr} \hline$(8,025,800) & $(4,146,200) \\ \hline \hline$(553,000 & $410,000 \\ 8,821,200 & 0 \\ 370,000 & 66,000 \\ 884,000 & 108,000 \\ 128,000 & 0 \\ 1,884,000 & 4,640,000 \\ \hline$12,640,200 & $5,224,000 \\ \hline \hline$(2,614,400) & $(277,800) \end{tabular} Balance Sheet Current assets Investment in Sea Cliff Computer software Patented technology Goodwil1 Total assets Tiabilities Lommon stock Retained earnings 12/31 Total 11abilities and equity \begin{tabular}{rrr} $553,000 & $410,000 \\ 8,821,200 & 0 \\ 370,000 & 66,000 \\ 884,000 & 108,000 \\ 128,000 & 0 \\ 1,884,000 & 4,640,000 \\ \hline$12,640,200 & $5,224,000 \\ \hline \hline$(2,614,400) & $(277,800) \\ \hline(2,000,000) & (800,000) \\ \hline(8,025,800) & (4,146,200) \\ \hline$(12,640,200) & $(5,224,000) \\ \hline \end{tabular} 6. Determine the far vaiue in excess of book value for Persolfs acquisition date investment in Sea Ciff. b. Determtne Persolf's Equity earnings in Sea Cutts balance for the year ended December 31,2021 . c. Determane Persoffr December 31, 2021, investarient in Sea Cirf's balance d. Piepare a worksheet to determine the consondated values to be reported on Persoff's financial statements. A Answer is not complete. Conplete this question by enterine vour answers in the tabs below. Determine Persoff t Equity earnings in 5ea cief's balance for the vear ended December 31, 2021. (8) Answer is not complete. Complete this question by entering your answers in the tabs below. Determine Persoff's December 31, 2021, Investment in Sea Ciff's balance. Prepare a worksheet to determine the consolidated values to be reported on Persoff's financial statements. (For accounts where multiple consolidation entries are required, combine all debit eritries into one amount and enter this armount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)