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 Bellstars 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. Abbey Company Bellstar Company Sales $ (800,000) $ (500,000) Cost of goods sold 500,000 300,000 Operating expenses 100,000 60,000 Equity in earnings of Bellstar (84,000) 0 Net income $ (284,000) $ (140,000) Retained earnings, 1/1/24 $ (1,116,000) $ (620,000) Net income (above) (284,000) (140,000) Dividends declared 115,000 60,000 Retained earnings, 12/31/24 $ (1,285,000) $ (700,000) Cash $ 177,000 $ 90,000 Accounts receivable 356,000 410,000 Inventory 440,000 320,000 Investment in Bellstar 726,000 0 Land 180,000 390,000 Buildings and equipment (net) 496,000 300,000 Total assets $ 2,375,000 $ 1,510,000 Liabilities $ (480,000) $ (400,000) Common stock (610,000) (320,000) Additional paid-in capital 0 (90,000) Retained earnings, 12/31/24 (1,285,000) (700,000) Total liabilities and equities $ (2,375,000) $ (1,510,000) 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 $60,000 book value (cost of $140,000) to Bellstar for $100,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer.

\begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Accounts } & \multirow[b]{2}{*}{ Abbey } & \multirow[b]{2}{*}{ Bellstar } & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow[b]{2}{*}{NoncontrollingInterest} & \multirow[b]{2}{*}{ConsolidatedTotals} \\ \hline & & & Debit & Credit & & \\ \hline Sales & $(800,000) & $(500,000) & $200,000 & & & s 1,100,000 \\ \hline Cost of goods sold & 500,000 & 300,000 & 12,000 & 210,000 & & 602,000 \\ \hline Operating expenses & 100,000 & 60,000 & 5,000 & & & 165,000 \\ \hline Equity in earnings of Bellstar & (84,000) & 0 & 84,000 & & & \\ \hline Separate company net income & $(284,000) & $(140,000) & & & & \\ \hline Consolidated net income & & & & & & 333,000 \\ \hline To noncontrolling interest & & & & & 53,200 & 53,200 \\ \hline To Abbey Company & & & & & & 279,800 \\ \hline Retained earnings, Abbey, 1/1 & $(1,116,000) & & 49,000 & & & S 1,067,000 \\ \hline Retained earnings, Bellstar, 1/1 & & (620,000) & 620,000 & & & \\ \hline Net income & (284,000) & (140,000) & & & & \\ \hline Dividends declared & 115,000 & 60,000 & & 36,000 & & \\ \hline Retained earnings, 12/31 & $(1,285,000)(1,0 & $(700,000) & & & & \\ \hline Cash & $177,000 & 90,000 & & & & \\ \hline Accounts receivable & 356,000 & 410,000 & & 40,000 & & \\ \hline Inventory & 440,000 & 320,000 & & 12,000 & & \\ \hline Investment in Bellstar & 726,000 & & 36,000 & & & \\ \hline Land & 180,000 & 390,000 & & & & \\ \hline Buildings and equipment (net) & 496,000 & 300,000 & & & & \\ \hline Trademark & & & 95,000 & 5,000 & & \\ \hline Total assets & $2,375,000 & $1,510,000 & & & & \\ \hline Liabilities & $(480,000) & $(400,000) & 40,000 & & & \\ \hline Common stock & (610,000) & (320,000) & 320,000 & & & \\ \hline Additional paid-in capital & & (90,000) & 90,000 & & & \\ \hline Retained earnings, 12/31 & (1,285,000) & (700,000) & & & & \\ \hline \multicolumn{7}{|l|}{ Noncontrolling interest 1/1} \\ \hline \multicolumn{7}{|l|}{ Noncontrolling interest 12/31} \\ \hline Total liabilities and equity & $(2,375,000) & $(1,510,000) & $1,551,000 & 303,000 & & \\ \hline \end{tabular}