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 $$330,000.$ At the acquisition date, the fair value of the noncontrolling interest was $$220,000$ and Bellstar$$s book value was $$430,000.$ Bellstar had developed internally a trademark that was not recorded on its books but had an acquisition$-$date fair value of $$120,000.$ 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 $$55,000$ on January $2,2023,$ for $$110,000.$ Bellstar still holds this land at the end of the current year.

Bellstar regularly transfers inventory to Abbey. In $2023,$ it shipped inventory costing $$110,500$ to Abbey at a price of $$170,000.$ During $2024,$ intra$-$entity shipments totaled $$220,000,$ although the original cost to Bellstar was only $$132,000.$ 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 $2024.$

Items Abbey Company Bellstar Company

Sales $ $(820,000)$ $ $(520,000)$

Cost of goods sold $520,000320,000$

Operating expenses $120,00035,000$

Equity in earnings of Bellstar $(99,000)0$

Net income $ $(279,000)$ $ $(165,000)$

Retained earnings, $1/1/24$ $ $(1,136,000)$ $ $(630,000)$

Net income $($above$)(279,000)(165,000)$

Dividends declared $125,00035,000$

Retained earnings, $12/31/24$ $ $(1,290,000)$ $ $(760,000)$

Cash $ $171,000$ $ $80,000$

Accounts receivable $360,000430,000$

Inventory $410,000340,000$

Investment in Bellstar $792,0000$

Land $130,000410,000$

Buildings and equipment $($net$)498,000320,000$

Total assets $ $2,361,000$ $ $1,580,000$

Liabilities $ $(461,000)$ $ $(380,000)$

Common stock $(610,000)(340,000)$

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

Retained earnings, $12/31/24(1,290,000)(760,000)$

Total liabilities and equities $ $(2,361,000)$ $ $(1,580,000)$

Note: Parentheses indicate a credit balance.

Required:

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