On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $2,042,200 cash. On the acquisition date, GaugeRite had the following balance sheet: At the acquisition date, the following allocation was prepared: Although at acquisition date Procise had expected $47,000 in future benefits from GaugeRite's 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 intraentity payables on that date. Required: a. Show how Procise derived its December 31, 2024, Investment in GaugeRite account balance. c. Prepare a consolidated worksheet for Procise and GaugeRite as of December 31, 2024