UMPI, Inc. acquired $100\%$ of Baby, Inc. stock on January $1,2022$$$300,000$ cash.

Baby, Inc.$\text{'}$s reported net assets totaling $$105,000$ at date of acquisition $(1/1/22).$

The trademark was undervalued by $$27,000.$ It has an indefinite life. Equipment $($with a $5$ year life$)$ was undervalued by $$70,000.$ A customer list that had been created internally had an estimated useful life of $20$ years was valued at $$40,000.$

Following are the financial statements for the two companies for the year ending December $31,2022.$ Credit balances are indicated by $($parentheses$).$

Complete the trial balance of UMPI, Inc. $($calculate income and investment in Baby, Inc.$)$ by using the three different investing accounting methods:

Equity, Intial Value, and Partial Equity

Then, continue by preparing a consolidated worksheet for year

ended Dec. $31,2022$ for the Equity Method only. Include your consolidation and elimination entries in joumal form with the exam.

$\backslash$table$[[,,],[$Revenues$,(485,000),(190,000)$