On January $1,2023,$ QuickPort Company acquired $90$ percent of the outstanding voting stock of NetSpeed, Incorporated, for

$$855,000$ in cash and stock options. At the acquisition date, NetSpeed had common stock of $$860,000$ and Retained Earnings of

$$43,000.$ The acquisition$-$date fair value of the $10$ percent noncontrolling interest was $$95,000.$ QuickPort attributed the $$47,000$

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 $$33,100.$ The equipment originally cost $$37,800$ and had

accumulated depreciation of $$7,100$ 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 livestment 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.

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.