On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $1,125,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $1,170,000 and Retained Earnings of $58,500. The acquisition-date fair value of the 10 percent noncontrolling interest was $125,000. QuickPort attributed the $21,500 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:

	Net Income			Dividends Declared
2020	$	30,100		$	4,300
2021		43,000			4,300

On July 1, 2020, QuickPort sold communication equipment to NetSpeed for $27,500. The equipment originally cost $30,500 and had accumulated depreciation of $5,400 and an estimated remaining life of three years at the date of the intra-entity transfer.

Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Prepare entry *TA
• Prepare entry S
• Prepare entry A
• Prepare entry I
• Prepare entry D
• Prepare Entry E
• Prepare Entry ED