Parkovash, Incorporated, obtained 100 percent of Salerno Companys common stock on January 1, 2023, by issuing 8,400 shares of $10 par value common stock. Parkovashs shares had a $15 per share fair value. On that date, Salerno reported a net book value of $78,850. However, its equipment (with a 5-year remaining life) was undervalued by $9,450 in the companys accounting records. Also, Salerno had developed computer software with an assessed value of $37,700, although no value had been recorded on Salernos books. The computer software had an estimated remaining useful life of 10 years. The following balances come from the individual accounting records of these two companies as of December 31, 2023: Items Parkovash Salerno Revenues $ (664,000) $ (336,000) Expenses 452,000 128,000 Investment income Not given 0 Dividends declared 110,000 100,000 The following balances come from the individual accounting records of these two companies as of December 31, 2024: Items Parkovash Salerno Revenues $ (779,000) $(392,250) Expenses 474,600 160,900 Investment income Not given 0 Dividends declared 120,000 80,000 Equipment 592,000 332,000 Required: a. What balance does Parkovashs Investment in Salerno account show on December 31, 2024, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2024? c-1. What is the consolidated equipment balance as of December 31, 2024? c-2. Would this answer be affected by the investment method applied by the parent? d. Prepare entry *C for the beginning of the Retained Earnings account on a December 31, 2024 by using initial value, partial equity and equity method