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Percent of outstanding voting stock of Net Connect acquired by Access IT Company Amount paid by Access IT Company for Net Connect shares Fair value of Net Connect research project Fair value of Net Connect shares not owned by Access IT Company on 1/1/18 40% $ 1,000,000 $ 1,960,000 $ 1,500,000 Post-Acquisition Balance Sheets: 16 7 8 9 10 11 12 13 14 15 16 Cash Investment in Net Connect Capitalized software Computer equipment Communications equipment Patent Total assets Access IT Net Connect $ 61,000 $ 41,000 1,000,000 981,000 156,000 1,066,000 56,000 916,000 336,000 191,000 $ 4,024,000 $ 780,000 17 (616,000) (941,000) (2,660,000) 18 19 20 21 22 23 24 Long-term debt Common stock - Access IT Common stock - Net Connect Retained eamings Total liabilities and equity (423,000) $ (4.024,000) $ (41,000) (123,000) (780,000) Consolidation Entries Debit Credit Consolidated Balances NCI Access IT 61,000 1,000,000 Net Connect 41,000 Cash Investment in Net Connect 981,000 1,066,000 916,000 156,000 56,000 336,000 Capitalized software Computer equipment Communications equipment Research and development asset Patent Goodwill Total assets TA) 191,000 TA] 4,024,000 78,000 (616,000) Long-term debt Common stock - Access IT Common stock .Net Connect Retained eamings Noncontrolling interest (941,000) (2,660,000) (423,000) (41,000 181 (123,000) [8] Total abilities and equity 14.024.000) (780.000) Correct Consideration transferred Noncontrolling interest fair value Acquisition date fair value Book value Excess fair over book value Research and development asset Goodwill