Branson pald $$582,800$ cash for all of the outstanding common stock of Wolfpack, Incorporated, on January $1,2023.$ On that date, the Complete this question by entering your answers in the tabs below.

Required A

Required $B$

Prepare consolidation worksheet entries as of December $31,2024,$ assuming that Branson has applied the equity method

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Required A

Required $B$

Required $C$

Required D

Prepare consolidation worksheet entries as of December $31,2024,$ assuming that Branson has applied the initial value method.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$\backslash$table$[[$No$,$Entry,Accounts,Debit,Credit$],[1,$Entry C$^(*),$Investment in Wolfpack,$2,25,800,],[,$Retained earnings $-$ Branson,$(2),,25,800],[2,$Entry S$,$Common stock $-$ Wolfpack,$(,200,000,],[,$Retained earnings $-$ Wolfpack,$2,261,500,],[,$Investment in Wolfpack,$2,,461,500],[3,$Entry A$,$Royalty agreements,grad,$132,300$vv$,],[,$Goodwill,$(,47,000,],[,$Investment in Wolfpack,$2,,179,300],[4,$Entry I,Dividend income,$(,25,000,],[,$Dividends paid,$\backslash$times $,,25,000],[5,$Entry D$,$Amortization expense,x$,14,700\backslash$times $,],[,$Royalty agreements,x$,,14,700\backslash$times $]]$

subsidlary had a book value of $$421,000($common stock of $$200,000$ and retained earnings of $$221,000),$ although varlous

unrecorded royalty agreements $(10-$year remalning life$)$ were assessed at a $$147,000$ falr value. Any remalning excess falr value was

considered goodwill.

In negotlating the acquisition price, Branson also promised to pay Wolfpack's former owners an additional $$46,000$ if Wolfpack's

Income exceeded $$100,000$ total over the first two years after the acquisition. At the acquisition date, Branson estimated the

probability$-$adjusted present value of this contingent consideration at $$32,200.$ On December $31,2023,$ based on Wolfpack's earnings

to date, Branson Increased the value of the contingency to $$36,800.$

During the subsequent two years, Wolfpack reported the following amounts for Income and dividends:

In keeping with the original acquisition agreement, on December $31,2024,$ Branson pald the additional $$46,000$ performance fee to

Wolfpack's previous owners.

Required: $$

Prepare each of the following:

a$.$ Branson's entry to record the acquisition of the shares of Its Wolfpack subsidlary.

b$.$ Branson's entrles at the end of $2023$ and $2024$ to adjust its contingent performance obligation for changes in falr value and the

December $31,2024,$ payment.

c$.$ Prepare consolidation worksheet entrles as of December $31,2024,$ assuming that Branson has applied the equity method.

d$.$ Prepare consolidation worksheet entrles as of December $31,2024,$ assuming that Branson has applied the initial value method.