Help Seve& Exit Submit Problem 6-26 (LO 6-2) On January 1,2018, Access IT Company exchanged $1,080,000 for 45 percent of the outstanding voting stock of Net Connect Especially attractive to Access IT was a research project underway at Net Connect that would enhance both the speed and quantity of client-accessible data. Although not recorded in Net Connect's financial records, the fair value of the fesearch project was considered to be $2,040,000 in contractual agreements with the sole owner of the remaining 55 percent of Net Connect, Access IT was granted () various decision- making rights over Net Connect's operating decisions and (2) special service purchase provisions at below-market rates. As a result of these contractual agreements, Access IT established itself as the primary beneficiary of Net Connect. Immediately after the purchase, Access IT and Net Connect presented the following balance sheets: Cash Investnent in Net Connect Capitalized software Computer equipnent Communications equipnent 69,00 49,000 1, 080, 000 164,000 1,074,000 total assets Long-term debt 4,136,000 (949,000) (624,000 2,740,000) 49,000 u4710001 Conmon stock-let Connect 144 7,000) Total 1iabilities and equity 4.136,000)(820,000 Each of the above amounts represents a fair value at January 1, 2018. The fair value of the 55 percent of Net Connect shares not owned by Access IT was $1,320.000 Prepare an acquisition-date consolidated worksheet for Access IT and its variable interest entity (For accounts where multiple Prev 1 of 3 . Next > F3 3