1. What are the December 31, 2018, Investment Income and Investment in Clay account balances assuming Adams uses the: Equity method ? Initial value method? 2. How does the parent’s internal investment accounting method choice affect the amount reported for expenses in its December 31, 2018, consolidated income statement? 3. How does the parent’s internal investment accounting method choice affect the amount reported for equipment in its December 31, 2018, consolidated balance sheet? 4. What is Adams’s January 1, 2018, Retained Earnings account balance assuming Adams accounts for its investment in Clay using the: ? Equity value method. ? Initial value method. 5. What worksheet adjustment to Adams’s January 1, 2018, Retained Earnings account balance is required if Adams accounts for its investment in Clay using the initial value method? 6. Prepare the worksheet entry to eliminate Clay’s stockholders’ equity. 7. What is consolidated net income for 2018?

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