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On January 1, 2020, Pinnacle Corpontion exchanged 53,560,000 eash for 100 percent of the outstanding voting stock of Struta Corporation. On the sequisition date, Stata had the following balance sheet: Pinnacle prepared the following fair-value allocation: At the acquisition date, Strata's buildings had a 10-year remaining life and its licensing agreements were due to expire in 5 years. On December 31,2021 , Strata's accounts payable included an 588,800 current liability owed to Pinnacle. Strata Corporation continues its separats legal existence as a wholly owned subsidiary of Pinnacle with independent accounting recordses Pinnacle employs the initial value method in its intemal sccounting for its investment in Strata. The separate financial statements for the two companies for the year ending December 31, 2021, follow. Credit balances are indicated by parentheses. 2. Preparea worksheet to consolidate the financial information for these two companies. b. Compute the following amounts that would appear on Pinnacle's 2021 separate (nonconsolidated) financial records if Pinnacle's investment accounting wash hased on the equity method. - Subsidiary income. - Retained eamings, 1/1/21. - Investment in Strath c. What effect does the parent's inter a restment accounting method have on its consolidated financial statements