please fix the incorrect answers
Return to Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1, 2016, for $757,000 cash. Greenburg's accounting records showed net assets on that date of $571,000, although equipment with a 10-year life was undervalued on the records by $132.500. Any recognized goodwill is considered to have an indefinite life. Greenburg reports net income in 2016 of $113,000 and $136,500 in 2017 The subsidiary declared dividends of $20,000 in each of these two years. Account balances for the year ending December 31, 2018, follow. Credit balances are indicated by parenthess. ACCount balances for the year ending December 31, 2018, Tollow. Credit balances are indicated Foxx Greenburg $ (824,000) Revenues Cost of goods sold Depreciation expense Investment income Net income $(1,140,000) 142,500 420,000 (20,000) (597,5e0) 206,000 404,000 $ (214,000) Retained earnings, 1/1/18 Net income $ (371,000) (214,000) 20,000 $(1,190,000) (597,500) 120,000 Dividends declared Retained earnings, 12/31/18 $(1,667,500) $ (565,eee) Current assets 331,000 757,000 1,030,000 896,000 660,000 162,000 Investment in subsidiary Equipment (net) Buildings (net) Land 600,000 558,000 160,000 Total assets $ 1,480.000 $ 3,674,000 Liabilities (615,000) (300,000) (565,000 $ (1,480,000) $(1,106,500) (900,000) 1,662,500) Common stock Retained earnings Total liabilities and equity $(3,674,000) a. Determine the December 31, 2018, consolidated balance for each of the following accounts oints Depreciation Expense Dividends Declared Buildings Goodwill Common Stock Revenues Equipment b. How does the parent's choice of an accounting method for its investment affect the balances computed in requirement (a)? c. Which method of accounting for this subsidiary is the parent actually using for internal reporting purposes? d. Determine parent's investment income for 2018 under partial equity method and equity method e. What would be Foxx's balance for retained earnings as of January 1, 2018, if each of the following methods had been in use? Initial value method. Partial equity method. Equity method Complete this question by entering your answers in the tabs below. Req A Req B and C Req D and E Determine the December 31, 2018, consolidated balance for each of the following accounts: Consolidated Balances Depreciation expense 824.000 120,000 Dividends declared Revenues Equipment Buildings $ 1,964,000 1.722.750 1,454,000 53,500 Goodwill 900,000 Common stock Reg B and C> Next 1 of 1 Req A Req B and C Req D and E d. Determine parent's investment income for 2018 under partial equity method and equity method. e. What would be Foxx's balance for retained earnings as of January 1, 2018, if each of the following methods had been in use? d. Investment Income e. Retained Earnings Initial value method 119.000 Partial equity s 1,439.500 214,000 method 200,750 Equity method 1.413,000
