Porter Company made the following open$-$market purchase and sale of Spitz Company common stock: January $1,2025,$ purchased $45,000$ shares for $$135,000$; May $1,2024,$ sold $4,500$ shares

for $$28,000.$

The book value of Spitz Company's net assets on January $1,2025,$ was $$140,000$; the excess of cost over net assets acquired relates to land. Subsequent changes in the book value of Spitz

Company's net assets are entirely attributable to earnings retained in the business. Spitz Company earns its income evenly throughout the year:

Required:

Prepare a consolidated financial statements workpaper as of December $31,2024.$ Begin the income statement section of the workpaper with "Net Income before Equity in Subsidiary Income

and Gain on Sale of Investment," which is $$63,200$ for Porter Company and $$60,000$ for Spitz Company.