Parent Company acquired 100 percent of Subsidiary's outstanding stock for $26,462,500 cash on January 1 , 2023. At the date of acquisition, Subsidiary's balance sheet was as follows. (Note: Debits are shown as positive, and credits are shown as negative.) Certain assets and liabilities had fair values that differed from their book values. The fair values of these were as follows (note: this is not the difference between fair value and book value; this is the fair value): Other relevant information: - Parent's 1/1/2024 retained earnings balance (excluding the effect of any 2023 subsidiary transactions/income) was $16,972,500. - The subsidiary had net income of $1,368,750 and paid no dividends in 2023. - There are no intercompany payables/receivables between Parent and Subsidiary. - The companies' 12/31/2024 trial balances are as follows: Fair Value Alocation Schedule Prepare an Excel workbook to consolidate Parent and Subsidiary's financial statements for 2024. The workbook should contain the following: - Tab 1: The information contained on the previous page of these instructions, with the fair value allocation schedule completed. - Tab 2: Calculation of the 12/31/2024 balance of the Investment in Subsidiary account (on Parent's books) using (1) the equity method, (2) the partial equity method, and (3) the initial value method. Also calculate Parent's 1/1/2024 retained earnings using each of these methods. - Tab 2: A listing of all consolidation entries necessary under each of the respective methods (equity, partial equity, and initial value). - Tab 3: Full Consolidation worksheet using the equity method. - Tab 4: Full Consolidation worksheet using the partial equity method. - Tab 5: Full Consolidation worksheet using the initial value method. Parent Company acquired 100 percent of Subsidiary's outstanding stock for $26,462,500 cash on January 1 , 2023. At the date of acquisition, Subsidiary's balance sheet was as follows. (Note: Debits are shown as positive, and credits are shown as negative.) Certain assets and liabilities had fair values that differed from their book values. The fair values of these were as follows (note: this is not the difference between fair value and book value; this is the fair value): Other relevant information: - Parent's 1/1/2024 retained earnings balance (excluding the effect of any 2023 subsidiary transactions/income) was $16,972,500. - The subsidiary had net income of $1,368,750 and paid no dividends in 2023. - There are no intercompany payables/receivables between Parent and Subsidiary. - The companies' 12/31/2024 trial balances are as follows: Fair Value Alocation Schedule Prepare an Excel workbook to consolidate Parent and Subsidiary's financial statements for 2024. The workbook should contain the following: - Tab 1: The information contained on the previous page of these instructions, with the fair value allocation schedule completed. - Tab 2: Calculation of the 12/31/2024 balance of the Investment in Subsidiary account (on Parent's books) using (1) the equity method, (2) the partial equity method, and (3) the initial value method. Also calculate Parent's 1/1/2024 retained earnings using each of these methods. - Tab 2: A listing of all consolidation entries necessary under each of the respective methods (equity, partial equity, and initial value). - Tab 3: Full Consolidation worksheet using the equity method. - Tab 4: Full Consolidation worksheet using the partial equity method. - Tab 5: Full Consolidation worksheet using the initial value method