On January $1,2023,$ QuickPort Company acquired $90$ percent of the outstanding voting stock of NetSpeed, Incorporated, for $$837,000$ Prepare the worksheet adjustments for the December $31,2024,$ consolidation of QuickPort and NetSpeed.

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

$\backslash$table$[[$No$,$Transaction,Accounts,Debit,Credit$],[1,*$TA$,$Equipment,$4,800,],[,,$Investment in NetSpeed,$2,000,],[,,$Accumulated depreciation,,$6,800(>)],[2,$S$,$Common stock $-$ NetSpeed,,$],[,,$Retained earnings$-$NetSpeed,,$],[,,$Investment in NetSpeed,,$],[,,$Noncontrolling interest,,$],[3,$A$,$Database $(,,],[,,$Investment in NetSpeed,,$],[,,$Noncontrolling interest,,$],[4,1,$Equity in earnings of NetSpeed,$74,960,],[,,$Investment in NetSpeed,,$74,960],[5,$D$,$Investment in NetSpeed,,$],[,,$Dividends declared,,$],[6,$E$,$Amortization expense,,$],[,,$Database,,$],[7,$ED$,$Accumulated depreciation,$800,],[,,$Depreciation expense,,$800]]$

in cash and stock options. At the acquisition date, NetSpeed had common stock of $$840,000$ and Retained Earnings of $$42,000.$ The

acquisition$-$date fair value of the $10$ percent noncontrolling interest was $$93,000.$ QuickPort attributed the $$48,000$ 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:

On July $1,2023,$ QuickPort sold communication equipment to NetSpeed for $$33,600.$ The equipment originally cost $$38,400$ and had

accumulated depreciation of $$7,200$ and an estimated remaining life of three years at the date of the intra$-$entity transfer.

Required:

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

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

Complete this question by entering your answers in the tabs below.

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