The individual financial statements for Abbey Company and Bellstar Company for the year ending December $31,2024,$ follow. Abbey acquired a $60$ percent interest in Bellstar on January $1,2023,$ in exchange for various considerations totaling $$840,000.$ At the acquisition date, the fair value of the noncontrolling interest was $$560,000$ and Bellstar$$s book value was $$1,120,000.$ Bellstar had developed internally a trademark that was not recorded on its books but had an acquisition$-$date fair value of $$280,000.$ This intangible asset is being amortized over $20$ years. Abbey uses the partial equity method to account for its investment in Bellstar.

Abbey sold Bellstar land with a book value of $$90,000$ on January $2,2023,$ for $$190,000.$ Bellstar still holds this land at the end of the current year.

Bellstar regularly transfers inventory to Abbey. In $2023,$ it shipped inventory costing $$198,000$ to Abbey at a price of $$330,000.$ During $2024,$ intra$-$entity shipments totaled $$380,000,$ although the original cost to Bellstar was only $$266,000.$ In each of these years, $20$ percent of the merchandise was not resold to outside parties until the period following the transfer. Abbey owes Bellstar $$50,000$ at the end of $2024.$

Items Abbey Company Bellstar Company

Sales $ $(980,000)$ $ $(680,000)$

Cost of goods sold $680,000480,000$

Operating expenses $170,00045,000$

Equity in earnings of Bellstar $(93,000)0$

Net income $ $(223,000)$ $ $(155,000)$

Retained earnings, $1/1/24$ $ $(1,296,000)$ $ $(710,000)$

Net income $($above$)(223,000)(155,000)$

Dividends declared $115,00060,000$

Retained earnings, $12/31/24$ $ $(1,404,000)$ $ $(805,000)$

Cash $ $187,000$ $ $90,000$

Accounts receivable $392,000590,000$

Inventory $570,000500,000$

Investment in Bellstar $1,011,0000$

Land $150,000570,000$

Buildings and equipment $($net$)514,000480,000$

Total assets $ $2,824,000$ $ $2,230,000$

Liabilities $ $(650,000)$ $ $(825,000)$

Common stock $(770,000)(500,000)$

Additional paid$-$in capital $0(100,000)$

Retained earnings, $12/31/24(1,404,000)(805,000)$

Total liabilities and equities $ $(2,824,000)$ $ $(2,230,000)$

Note: Parentheses indicate a credit balance.

Required:

Prepare a worksheet to consolidate the separate $2024$ financial statements for Abbey and Bellstar.

How would the consolidation entries in requirement $($a$)$ have differed if Abbey had sold a building on January $2,2023,$ with a $$150,000$ book value $($cost of $$320,000)$ to Bellstar for $$280,000$ instead of land, as the problem reports? Assume that the building had a $10-$year remaining life at the date of transfer.