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On January 1, 2021. Access IT Company exchanged $1,020,000 for 30 percent of the outstanding voting stock of Net Connect. Especially attractive to Access IT was a research project underway at Net Connect that would enhance both the speed and quantity of client-accessible data. Although not recorded in Net Connect's financial records, the fair value of the research project was considered to be $2,720,000. In contractual agreements with the sole owner of the remaining 70 percent of Net Connect, Access IT was granted (1) various decision-making rights over Net Connect's operating decisions and (2) special service purchase provisions at below- market rates. As a result of these contractual agreements, Access IT established itself as the primary beneficiary of Net Connect. Immediately after the purchase, Access IT and Net Connect presented the following balance sheets: (Note: Parentheses indicate credit balances.) Access IT Net Connect Cash 63,000 $ 43,000 Investment in Net Connect 1,020,000 Capitalized software 983,000 158,000 Computer equipment 1,068,000 58,000 Communications equipment 918,000 338,000 Patent 193,000 Total assets $ 4,052,000 $ 790,000 Long-term debt 5 (943, 000) $ (618,600) Common stock-Access IT (2,680,000) Common stock-Net Connect (43,000) Retained earnings (429,000) (129,000) Total liabilities and equity $(4,052,000) $ (790,000) $ Each of the above amounts represents a fair value at January 1, 2021. The fair value of the 70 percent of Net Connect shares not owned by Access IT was estimated at $2,380,000. Prepare an acquisition-date consolidation worksheet for Access IT and its variable interest entity. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) ACCESS IT COMPANY AND NET CONNECT Consolidation Worksheet At January 1, 2021 Consolidation Entries Access IT Net Connect Debit Credit $ 63,000 $ 43.000 1,020,000 983,000 158,000 Consolidated Balances NCI Cash Investment in Net Connect Capitalized software ACCESS IT COMPANY AND NET CONNECT Consolidation Worksheet At January 1, 2021 Consolidation Entries Access IT Net Connect Debit Credit $ 63,000 $ 43,000 1,020,000 983,000 158,000 1,068,000 58,000 918,000 338,000 Consolidated Balances NCI 193,000 Cash Investment in Net Connect Capitalized software Computer equipment Communications equipment Research and development asset Patent Goodwill Total assets Long-term debt Common stock --Access IT Common stock-Net Connect Retained earnings Noncontrolling interest Total liabilities and equity $ $ 4,052,000 $ 790,000 $ (943,000) $ (618,000) (2,680,000) (43,000) (429,000) (129,000) S (4,052,000) S (790,000) $ 0