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 $570,000. At the acquisition date, the fair value of the noncontrolling interest was $380,000 and Bellstar’s book value was $850,000. Bellstar had developed internally a trademark that was not recorded on its books but had an acquisition-date fair value of $100,000. 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 $60,000 on January 2, 2023, for $100,000. Bellstar still holds this land at the end of the current year. Bellstar regularly transfers inventory to Abbey. In 2023, it shipped inventory costing $100,000 to Abbey at a price of $150,000. During 2024, intra-entity shipments totaled $200,000, although the original cost to Bellstar was only $140,000. 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 $40,000 at the end of 2024..

Sales Cost of goods sold Operating expenses Equity in earnings of Bellstar Net income Retained earnings, 1/1/24 Net income (above) Dividends declared Retained earnings, 12/31/24 Cash Accounts receivable Inventory Investment in Bellstar Land Buildings and equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/24 Abbey Company $ (800,000) 500,000 100,000 (84,000) $ (284,000) $ (1,116,000) (284,000) 115,000 $ (1,285,000) $ 177,000 356,000 440,000 726,000 180,000 496,000 $ 2,375,000 $ (480,000) (610,000) 0 (1,285,000) Bellstar Company $ (500,000) 300,000 60,000 0 $ (140,000) $ (620,000) (140,000) 60,000 $ (700,000) $ 90,000 410,000 320,000 0 390,000 300,000 $ 1,510,000 $ (400,000) (320,000) (90,000) (700,000) Total liabilities and equities $ (2,375,000) $ (1,510,000) Note: Parentheses indicate a credit balance. Required: a. Prepare a worksheet to consolidate the separate 2024 financial statements for Abbey and Bellstar.