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 $$390,000.$ At the acquisition date, the fair value of the noncontrolling interest was $$260,000$ and Bellstar$$s book value was $$510,000.$ Bellstar had developed internally a trademark that was not recorded on its books but had an acquisition$-$date fair value of $$140,000.$ 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 $$65,000$ on January $2,2023,$ for $$130,000.$ Bellstar still holds this land at the end of the current year.

Bellstar regularly transfers inventory to Abbey. In $2023,$ it shipped inventory costing $$133,000$ to Abbey at a price of $$190,000.$ During $2024,$ intra$-$entity shipments totaled $$240,000,$ although the original cost to Bellstar was only $$156,000.$ 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 $$60,000$ at the end of $2024.$

Items Abbey Company Bellstar Company

Sales $ $(840,000)$ $ $(540,000)$

Cost of goods sold $540,000340,000$

Operating expenses $140,00045,000$

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

Net income $ $(253,000)$ $ $(155,000)$

Retained earnings, $1/1/24$ $ $(1,156,000)$ $ $(640,000)$

Net income $($above$)(253,000)(155,000)$

Dividends declared $135,00045,000$

Retained earnings, $12/31/24$ $ $(1,274,000)$ $ $(750,000)$

Cash $ $173,000$ $ $100,000$

Accounts receivable $364,000450,000$

Inventory $430,000360,000$

Investment in Bellstar $798,0000$

Land $150,000430,000$

Buildings and equipment $($net$)500,000340,000$

Total assets $ $2,415,000$ $ $1,680,000$

Liabilities $ $(511,000)$ $ $(490,000)$

Common stock $(630,000)(360,000)$

Additional paid$-$in capital $0(80,000)$

Retained earnings, $12/31/24(1,274,000)(750,000)$

Total liabilities and equities $ $(2,415,000)$ $ $(1,680,000)$

Note: Parentheses indicate a credit balance.