Show the detailed calculations arriving at each of the following accounts at December 31, 2022:Consolidated Property, Plant and Equipment, net.

PROBLEM 1: Parsley Parent acquired 100% of Sage Subsidiary on January 1, 2018. The purchase price was $370,000 in excess of Sage’s book value of Stockholders Equity on the acquisition date. Such excess was assigned to the following assets:
Original Amount Original Useful Life
Property, Plant & Equipment (PP&E), net $80,000 8 years
License Agreement $90,000 6 years
Goodwill $200,000 Indefinite
$370,000
Selected accounts from the parent, subsidiary and consolidated financial statements for the year ended December 31, 2022 can be found in the accompanying Excel file.
Questions:
c. Show the detailed calculations arriving at each of the following accounts at December 31, 2022:
i. Consolidated Property, Plant and Equipment, net
ii. Consolidated License Agreement
iii. Consolidated Retained Earnings
d. What is the relationship between Parsley’s Net Income and Consolidated Net Income? Why?

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