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Prepare a worksheet to consolidate the financial information for these two companies. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Input all amounts as positive values.) What effect does the parent's internal investment accounting method have on its consolidated financial statements? Effect of parent's internal investment accounting method Compute the following amounts that would appear on Pinnacle's 2021 separate (nonconsolidated) financial records if Pinnacle's investment accounting was based on the equity method. (Input all amounts as positive values.) 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 $97,000 current liability owed to Pinnacle. Strata Corporation continues its separate legal existence as a wholly owned subsidiary of Pinnacle with independent accounting records. Pinnacle employs the initial value method in its internal accounting 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. The separate financial statements for the two companies for the year ending December 31, 2021, follow. Credit balances are indicated by parentheses. a. Prepare a 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 was based on the equity method. - Subsidiary income. - Retained earnings, 1/1/21 - Investment in Strata. c. What effect does the parent's internal investment accounting method have on its consolidated financial statements? \begin{tabular}{|c|c|c|c|c|} \hline Accounts payable & (415,000) & (957,500) & & \\ \hline Long-term debt & (3,010,000) & (2,110,000) & & \\ \hline Common stock - Pinnacle & (3,000,000) & & & \\ \hline Common stock - Strata & & (1,500,000) & & \\ \hline Retained earnings 12/31/21 & (6,395,000) & (2,102,600) & & \\ \hline Total Liabilities and Owner's Equity & $(12,820,000) & S (6,670,100) & & \\ \hline \end{tabular} On January 1, 2020, Pinnacle Corporation exchanged $3,711,000 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata 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 $97,000 current liability owed to Pinnacle. Strata Corporation continues its separate legal existence as a wholly owned subsidiary of Pinnacle with independent accounting records. Pinnacle employs the initial value method in its internal accounting 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