On January $1,2022,$ Allan Company acquired $80$ percent of Bond Company. Of Bond's total business fair value, $$131,000$ was allocated to copyrights with a $20-$year remaining life. Subsequently, on January $1,2023,$ Bond obtained $70$ percent of Cole Company's outstanding voting shares. In this second acquisition, $$123,600$ of Cole's total business fair value was assigned to copyrights that had a remaining life of $12$ years. Bond's book value was $$655,000$ on January $1,2022,$ and Cole reported a book value of $$164,000$ on January $1,2023.$

Bond has made numerous inventory transfers to Allan since the business combination was formed. Intra$-$entity gross profits of $$21,000$ were present in Allan's inventory as of January $1,2024.$ During the year, $$212,000$ in additional intra$-$entity sales were made with $$23,320$ in Intra$-$entity gross profits in inventory remaining at the end of the period.

Both Allan and Bond utilized the equity method to account for their investment balances.

Following are the individual financial statements for the companies for $2024$ with consolidated totals

Accounts Allan Company Bond Company Cole Company Consolidated Totals

Sales $ $(930,000)$ $ $(512,000)$ $ $(285,700)$ $ $(1,515,700)$

Cost of goods sold $512,000246,000131,000679,320$

Operating expenses $297,000132,00084,000529,850$

Income of subsidiary $(133,928)(42,280)00$

Separate company net income $ $(254,928)$ $ $(176,280)$ $ $(70,700)$

Consolidated net income $ $(306,530)$

Net income attributable to noncontrolling interest $($Bond Company$)33,482$

Net income attributable to noncontrolling interest $($Cole Company$)18,120$

Net income attributable to Allan Company $ $(254,928)$

Retained earnings, $1/1/24$ $ $(584,400)$ $ $(565,000)$ $ $(124,000)$ $ $(584,400)$

Net income $($above$)(254,928)(176,280)(70,700)(254,928)$

Dividends declared $50,00040,00050,00050,000$

Retained earnings, $12/31/24$ $ $(789,328)$ $ $(701,280)$ $ $(144,700)$ $ $(789,328)$

Cash and receivables $ $148,880$ $ $375,390$ $ $24,700$ $ $548,970$

Inventory $293,000507,500180,000957,180$

Investment in Bond Company $727,448000$

Investment in Cole Company $0243,39000$

Property, plant, and equipment $432,000347,500329,0001,108,500$

Copyrights $000214,350$

Total assets $ $1,601,328$ $ $1,473,780$ $ $533,700$ $ $2,829,000$

Liabilities $ $(612,000)$ $ $(652,500)$ $ $(289,000)$ $ $(1,553,500)$

Common stock $(200,000)(120,000)(100,000)(200,000)$

Retained earnings, $12/31/24(789,328)(701,280)(144,700)(789,328)$

Noncontrolling interest in Bond Company, $12/31/24000(181,862)$

Noncontrolling interest in Cole Company, $12/31/24000(104,310)$

Total liabilities and equities $ $(1,601,328)$ $ $(1,473,780)$ $ $(533,700)$ $ $(2,829,000)$

Note: Parentheses indicate a credit balance.

Required:

Develop the worksheet entries necessary to derive these reported balances:

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