On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,968,000 cash. On the acquisition date, GaugeRite had the following balance sheet:

Cash	$ 15,000	Accounts payable	$ 136,000
Accounts receivable	145,000	Long-term debt	963,000
Land	769,000	Common stock	1,028,000
Equipment (net)	1,916,000	Retained earnings	718,000
Total assets	$ 2,845,000	Total liabilities and equity	$ 2,845,000

At the acquisition date, the following allocation was prepared:

Fair value of consideration transferred		$ 1,968,000
Book value acquired		1,746,000
Excess fair value over book value		222,000
To in-process research and development	$ 52,000
To equipment (8-year remaining life)	60,000	112,000
To goodwill (indefinite life)		$ 110,000

Although at acquisition date Procise had expected $52,000 in future benefits from GaugeRites in-process research and development project, by the end of 2023 it was apparent that the research project was a failure with no future economic benefits.

On December 31, 2024, Procise and GaugeRite submitted the following financial statements for consolidation. There were no intra-entity payables on that date.

Accounts	Procise	GaugeRite
Sales	$ (3,751,500)	$ (1,160,250)
Cost of goods sold	1,797,500	750,000
Depreciation expense	335,000	141,000
Other operating expenses	223,000	35,250
Subsidiary income	(226,500)	0
Net income	$ (1,622,500)	$ (234,000)
Retained earnings 1/1/24	$ (3,155,000)	$ (930,000)
Net income	(1,622,500)	(234,000)
Dividends declared	200,000	25,700
Retained earnings 12/31/24	$ (4,577,500)	$ (1,138,300)
Cash	$ 14,200	$ 87,800
Accounts receivable	899,000	238,000
Inventory	903,000	411,000
Investment in GaugeRite	2,321,300	0
Land	3,497,500	785,000
Equipment (net)	5,180,000	1,862,500
Goodwill	342,000	0
Total assets	$ 13,157,000	$ 3,384,300
Accounts payable	$ (207,000)	$ (415,000)
Long-term debt	(3,222,500)	(803,000)
Common stock	(5,150,000)	(1,028,000)
Retained earnings 12/31/24	(4,577,500)	(1,138,300)
Total liabilities and equity	$ (13,157,000)	$ (3,384,300)

Required:

Show how Procise derived its December 31, 2024, Investment in GaugeRite account balance.

Prepare a consolidated worksheet for Procise and GaugeRite as of December 31, 2024.