On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc , for $900,000 in cash and stock options At the acquisition date, NetSpeed had common stock of $920,000 and Retained Earnings of $46,000 The acquisition date fair value of the 10 percent noncontrolling interest was $100,000 QuickPort attributed the $34,000 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 $ 45,300 $ 4,500 2021 65,100 4,500 On July 1, 2020, QuickPort sold communication equipment to NetSpeed for $23,700 The equipment originally cost $27,000 and had accumulated depreciation of $5,100 and an estimated remaining life of three years at the date of the intra entity transfer Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc , account as of December 31, 2021 Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed

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On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $900,000 in cash and stock options. At

On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $900,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $920,000 and Retained Earnings of $46,000. The acquisition-date fair value of the 10 percent noncontrolling interest was $100,000. QuickPort attributed the $34,000 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	$	45,300	$	4,500
2021		65,100		4,500

On July 1, 2020, QuickPort sold communication equipment to NetSpeed for $23,700. The equipment originally cost $27,000 and had accumulated depreciation of $5,100 and an estimated remaining life of three years at the date of the intra-entity transfer.

Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2021.
Prepare the worksheet adjustments for the December 31, 2021, consolidation of QuickPort and NetSpeed.