Please answer all questions and fill up all journal entries on sheets

Name:ACCTG 473: Advanced AccountingChapter 3(Total: 50 points)Choco Inc. acquired all the outstanding common stock of Allie Co. on 1/1/19(t), for $620,000cash. Following is the balance sheet for Allie Co. in 12/31/18Book ValueFair ValueCurrent assets$ 100,000$100,000Building (30 years)200,000260,000Equipment (10 years)300,000340,000Total liabilities$(140,000$(140,000)Net assets$460,000$560,000Common stock$(200,000)Additional paid in capital(150,000)Retained earnings 12/31/18(110,000)Total Stockholders' equity$(460,000)Total liabilities and Stockholders' equity$(600,000)12/31/19(t+1)12/31/20(t+2)Net incomeDividendsNet incomeDividendsAllie (subsidiary)$(70,000)$10,000$(60,000)$10,000After Choco's acquisition, Allie Co. didn't have any changes in common stock and additionalpaid in capital. All numbers in () refer to credit balance.1. Choco named any excess payment over fair value of Allie as Trademark (not goodwill) withuseful life of 20 years on 1/1/19, the acquisition date. Calculate Trademark on acquisitiondate 1/1/19. (5 points)2. Calculate annual amortization of Building, Equipment and Trademark on 1/1/19(t), theacquisition date. (3 points)Building = 260,000/30 years = 8,666.67Equipment = 340,000/10 years = 34,0003. If Choco use EQUITY METHOD to report about investment in Allie.1) What is the Investment in Allie Co. balance on Choco's books as of 12/31/20(t+2)? (7points)Investment in Allie 1/1/19 - 620,000Net Income 12/31/19 - (+) (70,000)Dividend Received 12/31/19 - (-) 10,000Net Income 12/31/20 - (+) (60,000) 2) 3) Dividend Received 12/31/20 — (-) 10,000Value of Investments 12/31/20 = 470,000 What is the Equity in Allie Co. income balance on Ghogo's books as of 12/31/20(t+2),if the equity method has been applied? (2 points) Net Income 12/31/19 — (70,000)Dividend Received — (+) 10,000Income 12/31/20 — (+) (60,000)Dividend Received — (+) 10,000Total Income 12/31/20 = (110,000) What is Allie's balance of retained earnings on 1/1/20(t+1)? (3 points) Retained earning — (110,000) Net Income 12/31/19 — (£)(70,000)Dividend paid — (2)(10,000) Total Retained earnings 1/1/20 = (190,000) 4. If Choco use PARTIAL EQUITY METHOD to report about investment in Allie.1) What is the Investment in Allie Co. balance on Chogo's books as of 12/31/20(t+2)? (5 points) 2) What is the Equity in Allie Co. income balance on Chogo's books as of 12/31/20(t+2),if the partial equity method has been applied? (1 point) 3) Prepare Entry *C consolidation worksheet entries for 12/31/20(t+2) (1 point). Showcalculation of amount! (1 point) (total of 2 points 5. If Choco use INITIAL VALUE METHOD to report about investment in Allie.1) What is the Investment in Allie Co. balance on Chogo's books as of 12/31/20(t+2)? (1point) 2) What is the Equity in Allie Co. income balance on Chogo!s, books as of 12/31/20 (t+2),if the initial value method has been applied? (1 point) 4) Prepare Entry *C consolidation worksheet entries for 12/31/20 (t+2) (1 point). Showcalculation of amount! (3 points) (total of 4