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 varlous considerations totaling $$870,000.$ At the

acquisition date, the falr value of the noncontrolling Interest was $$580,000$ and Bellstar's book value was $$1,160,000.$ Bellstar had

developed internally a trademark that was not recorded on its books but had an acquisition$-$date falr value of $$290,000.$ This

Intanglble asset is being amortized over $20$ years. Abbey uses the partlal equity method to account for its investment in Bellstar.

Abbey sold Bellstar land with a book value of $$50,000$ on January $2,2023,$ for $$120,000.$ Bellstar still holds this land at the end of the

current year.

Bellstar regularly transfers inventory to Abbey. In $2023,$ It shipped inventory costing $$238,000$ to Abbey at a price of $$340,000.$ During

$2024,$ Intra$-$entity shipments totaled $$390,000,$ although the original cost to Bellstar was only $$253,500.$ In each of these years, $20$

percent of the merchandise was not resold to outside partles untll the perlod following the transfer. Abbey owes Bellstar $$55,000$ at

the end of $2024.$

Note: Parentheses indicate a credit balance.

Required:

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

b$.$ How would the consolidation entrles in requirement $($a$)$ have differed if Abbey had sold a bullding on January $2,2023,$ with a

$$155,000$ book value $($cost of $$330,000)$ to Bellstar for $$290,000$ instead of land, as the problem reports? Assume that the bullding

had a $10-$year remalning life at the date of transfer. Please answer both thank you