On January 1, 2018, Access IT Company exchanged $1,000,000 for 40 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 research project was considered to be $1,960,000. In contractual agreements with the sole owner of the remaining 60 percent of Net Connect, Access IT was granted (1) 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: Access IT $ Net Connect $ 41,000 Cash Investment in Net Connect Capitalized software.. Computer equipment. . . Communications equipment. Patent .... Total assets ... Long-term debt.. Common stock-Access IT Common stock-Net Connect Retained earnings. . . . Total liabilities and equity. 61,000 1,000,000 981,000 1,066,000 916,000 $ 4,024,000 (941,000) (2,660,000) (423,000) $(4,024,000) 156,000 56,000 336,000 191,000 $780,000 (616,000) (41,000) (123,000) $(780,000) Each of the above amounts represents a fair value at January 1, 2018. The fair value of the 60 percent of Net Connect shares not owned by Access IT was $1,500,000. Prepare an acquisition-date consolidation worksheet for Access IT and its variable interest entity.