Requlred: a. Determine the falr value In excess of book value for Persoff's acquisition date Investment In Sea Cliff. b. DetermIne Persoff's Equlty earnIngs in Sea Cliff's balance for the year ended December 31, 2024. c. DetermIne Persoff's December 31, 2024, Investment In Sea Cliff's balance. d. Prepare a worksheet to determIne the consolidated values to be reported on Persoff's financlal statements. Complete this question by entering your answers in the tabs below. Determine Persoff's Equity earnings in Sea Cliff's balance for the year ended December 31, 2024. Complete this question by entering your answers in the tabs below. Determine Persoff's December 31,2024, Investment in Sea Cliff's balance. Required C On January 3, 2022, Persoff Corporation acquired all of the outstanding voting stock of Sea Cllff, Incorporated, In exchange for $7,304,000 In cash. Persoff elected to exerclse control over Sea Cliff as a wholly owned subsidlary with an Independent accounting system. Both companles have December 31 fiscal year-ends. At the acquisition date, Sea Cliff's stockholders' equity was $2,544,000 Including retained earnings of $1,744,000. Persoff pursued the acquisition, In part, to utllize Sea Cliff's technology and computer software. These Items had falr values that differed from their values on Sea Cllff's books as follows: Sea Cliff's remaining Identifiable assets and Ilabilitles had acquisition-date book values that closely approximated fair values. SInce acquisition, no assets have been Impalred. During the next three years, Sea Cliff reported the following Income and dividends: December 31, 2024, financlal statements for each company follow. Parentheses Indicate credit balances. DIvidends declared were pald In the same perlod. a. Determine the falr value In excess of book value for Persoff's acquisition date Investment In Sea Cliff. b. DetermIne Persoff's Equlty earnIngs In Sea Cliff's balance for the year ended December 31, 2024