On January $1,2023,$ QuickPort Company acquired $90$ percent of the outstanding voting stock of NetSpeed, Incorporated, for $$1,107,000$ in cash and stock options. At the acquisition date, NetSpeed had common stock of $$1,150,000$ and Retained Earnings of $$57,500.$ The acquisition$-$date fair value of the $10$ percent noncontrolling interest was $$123,000.$ QuickPort attributed the $$22,500$ excess of NetSpeed's fair value over book value to a database with a five$-$year remaining life.

During the next two years, NetSpeed reported the following:

Items Net Income Dividends Declared

$2023$ $ $31,500$ $ $4,500$

$202445,0004,500$

On July $1,2023,$ QuickPort sold communication equipment to NetSpeed for $$28,500.$ The equipment originally cost $$32,500$ and had accumulated depreciation of $$5,500$ and an estimated remaining life of three years at the date of the intra$-$entity transfer.

Required:

Compute the equity method balance in QuickPort's Investment in NetSpeed, Incorporated, account as of December $31,2024.$

Prepare the worksheet adjustments for the December $31,2024,$ consolidation of QuickPort and NetSpeed.