Provide Step by Step Instructions.

Acme Corporation has been operating profitably since its creation in $1998.$ ?At the beginning of $2022,$ ?Acme acquired a $70$ ?percent ownership in Beta Company. At the acquisition date, Acme prepared the following fair$-$value allocation schedule:

Consideration transferred for $70\%$ ?interest in Beta $ $875,000$

Fair value of the $30\%$ ?noncontrolling interest $375,000$

Beta business fair value $ $1,250,000$

Beta book value $856,000$

Excess fair value over book value $ $394,000$

Assignments to adjust Beta$?$s assets to fair value:

To buildings $(20-$year remaining life$)$ ?$ $154,000$ ?

To equipment $(4-$year remaining life$)(30,400)$ ?

To franchises $(10-$year remaining life$)72,500$ ?

To trademarks $($indefinite life$)197,900394,000$

? $0$

Acme regularly buys inventory from Beta at a markup of $25$ ?percent more than cost. Acme's purchases during $2022$ ?and $2023$ ?and related ending inventory balances follow:

Year Intra$-$Entity Purchases Remaining Intra$-$Entity Inventory$?$ ?End of Year $($at transfer price$)$

$2022$ ?$ $105,000$ ?$ $35,000$

$2023137,50055,000$

During $2024,$ ?Acme acquired additional inventory from Beta at a price of $$295,000.$ ?Of this merchandise, $45$ ?percent is still held at year$-$end.

On January $1,2024,$ ?Acme and Beta acted together as co$-$acquirers of $80$ ?percent of Cade Company's outstanding common stock. The total price of these shares was $$312,000,$ ?indicating neither goodwill nor other specific fair$-$value allocations. Each company put up one$-$half of the consideration transferred.

Items Acme Corporation Beta Company Cade Company

Sales and other revenues $ $(1,016,930)$ ?$ $(859,200)$ ?$ $(390,400)$

Cost of goods sold $576,000370,000216,000$

Operating expenses $285,000290,00099,900$

Income of Beta Company $(144,270)00$

Income of Cade Company $(29,800)(29,800)0$

Net income $ $(330,000)$ ?$ $(229,000)$ ?$ $(74,500)$

Retained earnings, $1/1/24$ ?$ $(851,000)$ ?$ $(688,000)$ ?$ $(240,000)$

Net income $($above$)(330,000)(229,000)(74,500)$

Dividends declared $100,00096,00050,000$

Retained earnings, $12/31/24$ ?$ $(1,081,000)$ ?$ $(821,000)$ ?$ $(264,500)$

Cash and receivables $ $51,770$ ?$ $275,200$ ?$ $72,500$

Inventory $432,950320,000260,700$

Investment in Beta Company $1,033,48000$

Investment in Cade Company $165,800165,8000$

Buildings $424,000410,000166,000$

Equipment $251,000212,00088,700$

Land $201,000352,00021,600$

Total assets $ $2,560,000$ ?$ $1,735,000$ ?$ $609,500$

Liabilities $ $(659,000)$ ?$ $(604,000)$ ?$ $(195,000)$

Common stock $(820,000)(310,000)(150,000)$

Retained earnings, $12/31/24(1,081,000)(821,000)(264,500)$

Total liabilities and equities $ $(2,560,000)$ ?$ $(1,735,000)$ ?$ $(609,500)$

Note: Parentheses indicate a credit balance.

Required:

Using the three companies$?$ ?financial records for $2024,$ ?prepare a consolidation worksheet. The equity method has been applied to each investment.$\backslash$table$[[$Accounts$,\backslash$table$[[$Acme$],[$Corporation$]],\backslash$table$[[$Beta$],[$Company$]],\backslash$table$[[$Cade$],[$Company$]],$Consomastontantines,$\backslash$table$[[$Noncontrolling$],[$Interest$]],\backslash$table$[[$Consolidated$],[$Balance$]]],[$Debit$,$Credit$],[$Sales and other revenue,$(1,016,930),(859,200),390,400,295,000?,,,1,971,530?$

Sales and other revenue Cost of goods sold Operating expenses Income of Beta Company Income of Cade Company Net income Consolidation Entries Acme Beta Cade Noncontrolling Consolidated Accounts Corporation Company Company Debit Credit Interest Balance (1,016,930) (859,200) 390,400 295,000 1,971,530 576,000 370,000 216,000 26,550 285,000 290,000 99,900 (144,270) (29,800) (29,800) (330,000) (229,000) 74,500 Consolidated net income Net income attributable to noncontrolling interest (Beta) Net income attributable to noncontrolling interest (Cade) Net income attributable to Acme Corporation Retained earnings, 1/1/24: Acme Corporation Beta Company Cade Company Net income Dividends declared Acme Corporation Beta Company 851,000 688,000 240,000 330,000 229,000 74,500 1,971,530 1,971,530 100,000 96,000 Cade Company 50,000 Retained earnings, 12/31/24 (1,081,000) (821,000) 264,500 0 Cash and receivables 51,770 275,200 72,500 Inventory 432,950 320,000 260,700 Investment in Beta Company 1,033,480 Investment in Cade Company 165,800 165,800 Buildings 424,000 410,000 166,000 Equipment 251,000 212,000 88,700 Land 201,000 352,000 21,600 Trademarks Franchise contracts Total assets Liabilities (2,560,000) (1,735,000) 609,500 (659,000) (604,000) 195,000 Noncontrolling interest in Cade Noncontrolling interest in Beta Noncontrolling interest in subsidiary companies Common stock (820,000) (310,000) 150,000 Retained earnings (1,081,000) (821,000) 264,500 Total liabilities and equities (2,560,000) (1,735,000) 609,500 321,550 0 0 0 0