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Foxx Corporation acqulred all of Greenburg Company's outstanding stock on January $1,2022$ for $$586,000$ cash. Greenburg's

accounting records showed net assets on that date of $$440,000,$ although equlpment with a $10-$year remalning life was undervalued

on the records by $$56,500.$

Greenburg reports net income in $2022$ of $$105,000$ and $$137,500$ in $2023.$ The subsidlary declared dividends of $$20,000$ in each of

these two years.

Account balances for the year ending December $31,2024,$ follow. Credit balances are Indicated by parentheses.

Required:

a$.$ Determine the December $31,2024,$ consolidated balance for each of the following accounts:

Depreclatlon Expense

Dividends Declared

Revenues

Equipment

Bulldings

Goodwill

Common Stock

b$.$ How does the parent's choice of an accounting method for its investment affect the balances computed in requlrement part $($a$)?$

c$.$ Which method of accounting for this subsidiary is the parent actually using for Internal reporting purposes?

d$.$ What would be Investment Income if each of the following methods had been In use?

e$.$ What would be Foxx's balance for retalned earnings as of January $1,$ value method.

Partlal equity method.

Equity method.

Complete this question by entering your answers in the tabs below.

Determine the December $31,2024,$ consolidated balance for each of the following accounts.

Note: Input all amount as positive values.

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