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P CompanyS CorporationRevenues$(700,000)$(400,000)Expenses400,000300,000Investment IncomeNot given-0-Dividends declared80,00060,000Retained Earnings, 1/1/18(600,000)(200,000)Current Assets400,000500,000Equipment700,000300,000Copyrights900,000405,000Royalty Agreements600,0001,000,000Investment in SNot given-0-Liabilities(500,000)(1,380,000)Common Stock(600,000) ($20 par)(200,000) ($10 par)Additional Paid-in-Capital(150,000)(80,000)On January 1, 2018, P acquired all of S's outstanding stock for$680,000 cash. At the date of acquisition, copyrights (with a10-year remaining life) have a $450,000 book value but a fair valueof $550,000. P company uses the equity method to account for itsinvestment in S. Investment income is not included in P'sRevenues.Required:a. As of December 31, 2018, what is the investment in Sbalance?b. As of December 31, 2018, what is the consolidated copyrightbalance?c. As of December 31, 2018, what is the consolidated RoyaltyAgreements balance?d. As of December 31, 2018, what is the consolidated balance forgoodwill?e. For the year ending December 31, 2018, what is theconsolidated net income?