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Branson paid $621,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2020. On that date, the subsidiary had a book value of $433,000 (common stock of $200,000 and retained earnings of $233,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $160,000 fair value. Any remaining excess fair value was considered goodwill. In negotiating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $70,000 if Wolfpack's income exceeded $120,000 total over the first two years after the acquisition. At the acquisition date, Branson estimated the probability-adjusted present value of this contingent consideration at $49,000. On December 31, 2020, based on Wolfpack's earnings to date, Branson increased the value of the contingency to $56,000. During the subsequent two years, Wolfpack reported the following amounts for income and dividends: Dividends Declared Net Income $ 65,900 2020 $ 20,000 30,000 2021 75,900 In keeping with the original acquisition agreement, on December 31, 2021, Branson paid the additional $70,000 performance fee to Wolfpack's previous owners. Prepare each of the following: a. Branson's entry to record the acquisition of the shares of its Wolfpack subsidiary. b. Branson's entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021, payment. c. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. d. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. ( no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event Accounts Debit Credit C Common stock - Wolfpack 200,000 > Retained earnings - Wolfpack 278,900 Investment in Wolfpack 478,900 S 144,000 86,000 230,000 A 59,900 59,900 1 30,000 30,000 D 16,000 16,000 E 1 2 3 4 5 6 Royalty agreements Goodwill Investment in Wolfpack Equity earnings of Wolfpack Investment in Wolfpack Investment in Wolfpack Dividends declared Amortization expense Royalty agreements No journal entry required Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. (I required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 1 2 3 5 6 Prepare entry "C to convert parent's beginning retained earnings to full accrual basis. Note: Enter debits before credits. Event Accounts Debit Credit Common stock - Wolfpack 200,000 Retained earnings - Wolfpack 278,900 Investment in Wolfpack 478,900 view general journal Record entry Clear entry Consolidation Worksheet Entries Consolidation Worksheet Entries Consolidation Worksheet Entries