On January 1, 2020, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $2.133,050 cash. On the acquisition date, GaugeRite had the following balance sheet: Cash Accounts receivable Land Equipment (net) Total assets $ 174,000 Accounts payable 125,000 Long-term debt 705,000 1,943,000 Common stock $ 138,000 1,015,000 1,076,000 Retained earnings $ 2,947,000 Total liabilities and equity 718,000 $2,947,000 At the acquisition date, the following allocation was prepared Fair value of consideration transferred Book value acquired Excess fair value over book value $ 2,133,050 1,794,000 339,050 To in-process research and development To equipment (8-year remaining life) $ 67,250 124,800 192,050 To good111 (indefinite life) $ 147,000 Although at acquisition date Procise had expected $67,250 in future benefits from GaugeRite's 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. Sales Cost of goods sold, Depreciation expense Other operating expenses Subsidiary income Net income Retained earnings 1/1/21 Net income Dividends declared Procise $ (3,654,350) 1,685,000 328,000 Obutelite $(1,296,250) 867.500 146,000 36,750 0 219,250 (250,400) $ (1,652,500) $ (246,000) $ (3,117,500) $ (891,000) (1,652,500) 200,000 (246,000) 26,900 Retained earnings 12/31/21 5 (4,570,000) 5(1,110,100) Cash $ 87,800 48,600 Accounts receivable 843,000 181,000 Inventory 904,000 504,000 Land Investment in GaugeRite Equipment (net) Goodwill Total assets Accounts payable 2,426,700 3,607,500 Long-term debt Common stock Retained earnings 12/31/21 5,072,500 313,000 $ 13,252,500 $ (220,000) (3,312,500) (5,150,000) (4,570,000) 764,000 1,927,500 a $ 3,425,100 $ (410,000) (029,000) (1,076,000) (1,110,100) Total liabilities and equity $(13,252,500) 5(3,425,100) a. Show how Procise derived its December 31, 2021, Investment in GaugeRite account balance. c. Prepare a consolidated worksheet for Procise and GaugeRite as of December 31, 2021