Given Data P06-26: Percent of outstanding voting stock of Net Connect acquired by Access IT Company Amount paid by Access IT Company for Net Connect shares Fair value of Net Connect research project Fair value of Net Connect shares not owned by Access IT Company on 1/1/18 $ $ $ 40% 1,000,000 1,960,000 1,500,000 Post-Acquisition Balance Sheets: Net Connect $ 41,000 Cash Investment in Net Connect Capitalized software Computer equipment Communications equipment Patent Total assets Access IT 61,000 1,000,000 981,000 1,066,000 916,000 156,000 56,000 336,000 191,000 780,000 $ 4,024,000 $ (941,000) (2,660,000) (616,000) Long-term debt Common stock - Access IT Common stock - Net Connect Retained earnings Total liabilities and equity (423,000) $ (4,024,000) $ (41,000) (123,000) (780,000) Problem 06-26 Acquisition-date Consolidated Worksheet Access IT Net Connect Consolidation Entries Debit Credit Consolidated Balances Cash Investment in Net Connect Capitalized software Computer equipment Communications equipment Research and development asset Patent Goodwill Total assets Long-term debt Common stock - Access IT Common stock - Net Connect Retained earnings Noncontrolling interest Total liabilities and equity Consideration transferred Noncontrolling interest fair value Acquisition-date fair value Book value Excess fair over book value Research and development asset Goodwill