On January 1, 2020, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $2,099,600 cash. On the acquisition date, GaugeRite had the following balance sheet:

Cash	$	152,000		Accounts payable	$	184,000
Accounts receivable		137,000		Long-term debt		985,000
Land		730,000		Common stock		1,049,000
Equipment (net)		1,942,000		Retained earnings		743,000
Total assets	$	2,961,000		Total liabilities and equity	$	2,961,000

At the acquisition date, the following allocation was prepared:

Fair value of consideration transferred				$	2,099,600
Book value acquired					1,792,000
Excess fair value over book value					307,600
To in-process research and development	$	44,000
To equipment (8-year remaining life)		133,600			177,600
To goodwill (indefinite life)				$	130,000

Although at acquisition date Procise had expected $44,000 in future benefits from GaugeRites in-process research and development project, by the end of 2020 it was apparent that the research project was a failure with no future economic benefits.

On December 31, 2021, Procise and GaugeRite submitted the following financial statements for consolidation. There were no intra-entity payables on that date.

	Procise				GaugeRite
Sales	$	(3,795,200	)		$	(1,166,250	)
Cost of goods sold		1,810,000				745,000
Depreciation expense		335,000				147,000
Other operating expenses		223,000				37,250
Subsidiary income		(220,300	)			0
Net income	$	(1,647,500	)		$	(237,000	)
Retained earnings 1/1/21	$	(3,052,500	)		$	(936,000	)
Net income		(1,647,500	)			(237,000	)
Dividends declared		300,000				26,225
Retained earnings 12/31/21	$	(4,400,000	)		$	(1,146,775	)
Cash	$	110,025			$	6,275
Accounts receivable		937,000				164,000
Inventory		908,000				613,000
Investment in GaugeRite		2,425,975				0
Land		3,120,000				760,000
Equipment (net)		5,180,000				1,942,500
Goodwill		354,000				0
Total assets	$	13,035,000			$	3,485,775
Accounts payable	$	(220,000	)		$	(455,000	)
Long-term debt		(3,265,000	)			(835,000	)
Common stock		(5,150,000	)			(1,049,000	)
Retained earnings 12/31/21		(4,400,000	)			(1,146,775	)
Total liabilities and equity	$	(13,035,000	)		$	(3,485,775	)

Show how Procise derived its December 31, 2021, Investment in GaugeRite account balance.

Prepare a consolidated worksheet for Procise and GaugeRite as of December 31, 2021.