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Herbert, Incorporated, acquired all of Rambis Company's outstanding stock on January 1, 2023, for $604,000 in cash. Annual excess amortization of $17,400 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $487,000, and Rambis reported a $288,000 balance. Herbert reported internal net income of $49,500 in 2023 and $68,000 in 2024 and declared $10,000 in dividends each year. Rambis reported net income of $25,100 in 2023 and $43,600 in 2024 and declared $5,000 in dividends each year. Required: a. Assume that Herbert's internal net income figures do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2024? - What would be the amount of consolidated retained earnings on December 31, 2024, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1,2024 ? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry C on a 2024 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Required: a. Assume that Herbert's internal net income figures do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2024? - What would be the amount of consolidated retained earnings on December 31, 2024, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1, 2024? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry C on a 2024 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Complete this question by entering your answers in the tabs below. Assume that Herbert's internal net income figures do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31 , 2024? - What would be the amount of consolidated retained earnings on December 31, 2024, if the parent had applied either the initial value or partial equity method for internal accounting purposes? Complete this question by entering your answers in the tabs below. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1, 2024? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Complete this question by entering your answers in the tabs below. Under each of the following situations, what is Entry *C on a 2024 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Prepare entry C if the parent used the equity method. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry C if the parent used the partial equity method. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry C if the parent used the initial value method. Note: Enter debits before credits. Herbert, Incorporated, acquired all of Rambis Company's outstanding stock on January 1, 2023, for $604,000 in cash. Annual excess amortization of $17,400 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $487,000, and Rambis reported a $288,000 balance. Herbert reported internal net income of $49,500 in 2023 and $68,000 in 2024 and declared $10,000 in dividends each year. Rambis reported net income of $25,100 in 2023 and $43,600 in 2024 and declared $5,000 in dividends each year. Required: a. Assume that Herbert's internal net income figures do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2024? - What would be the amount of consolidated retained earnings on December 31, 2024, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1,2024 ? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry C on a 2024 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Required: a. Assume that Herbert's internal net income figures do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2024? - What would be the amount of consolidated retained earnings on December 31, 2024, if the parent had applied either the initial value or partial equity method for internal accounting purposes? b. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1, 2024? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. c. Under each of the following situations, what is Entry C on a 2024 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Complete this question by entering your answers in the tabs below. Assume that Herbert's internal net income figures do not include any income from the subsidiary. - If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31 , 2024? - What would be the amount of consolidated retained earnings on December 31, 2024, if the parent had applied either the initial value or partial equity method for internal accounting purposes? Complete this question by entering your answers in the tabs below. Under each of the following situations, what is the Investment in Rambis account balance on Herbert's books on January 1, 2024? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Complete this question by entering your answers in the tabs below. Under each of the following situations, what is Entry *C on a 2024 consolidation worksheet? - The parent uses the equity method. - The parent uses the partial equity method. - The parent uses the initial value method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Prepare entry C if the parent used the equity method. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry C if the parent used the partial equity method. Note: Enter debits before credits. Consolidation Worksheet Entries Prepare entry C if the parent used the initial value method. Note: Enter debits before credits