on January 1, 2020, James company purchased 100% of the outstanding voting stock of Nolan, Inc for $1,000,000 in cash and other consideration. At the purchase date, Nolan had common stock of $500,000 and retained earnings of $185,000. James attributed the access of acquisition-date fair value over Nolan's book value to a trade name with an estimated 25-year remaining useful life. James uses the equity method to account for its investment in Nolan. During next 2 years Nolan reported following :

Income Dividends paid Inventory transfers to James at transfer price

2020 $78,000 $25,000 $190,000

2021 $85,000 27,0000 210,000

Nolan sells inventory to James after a markup based on a gross profit rate. At the end 2020 and 2021, 30 % of the current purchases remain in James's inventory.

Please advice on worksheet adjustment for December 31, 2021, consolidation of James and Nolan