This says it is not complete and I do not know what else to add. Can anyone explain? Thank you!

On January 1, 2020, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,980,000 cash. On the acquisition date, GaugeRite had the following balance sheet: Cash Accounts receivable Land Equipment (net) Total assets $ 14,000 100,000 700,000 1,886,000 $2,700,000 Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity $ 120,000 930,000 1,000,000 650,000 $2,700,000 At the acquisition date, the following allocation was prepared: $ 1,980,000 1,650,000 330,000 Fair value of consideration transferred Book value acquired Excess fair value over book value To in-process research and development To equipment (8-year remaining life) To goodwill (indefinite life) $ 44,000 56,000 100,000 230,000 Although at acquisition date Procise had expected $44,000 in future benefits from GaugeRite's in-process research and development project, by the end of 2020 it was apparent that the research project was a failure with no future economic benefits. On December 31, 2021, Procise and GaugeRite submitted the following financial statements for consolidation. There were no intra- entity payables on that date. Sales Cost of goods sold Depreciation expense Other operating expenses Subsidiary income Net income Retained earnings 1/1/21 Net income Dividends declared Retained earnings 12/31/21 Cash Accounts receivable Inventory Investment in GaugeRite Land Equipment (net) Goodwill Total assets Accounts payable Long-term debt Common stock Retained earnings 12/31/21 Total liabilities and equity Procise $ (3,500,000) 1,600,000 350,000 190,000 (203,000) $ (1,563,000) $ (3,000,000) (1,563,000) 200,000 $ (4,363,000) $ 228,000 840,000 900,000 2,257,000 3,500,000 4,785,000 290,000 $ 12,800,000 $ (193,000) (3,094,000) (5,150,000) (4,363,000) $(12,800,000) GaugeRite $(1,000,000) 630,000 130,000 30,000 0 $ (210,000) (800,000) (210,000) 25,000 $ (985,000) $ 50,000 155,000 580,000 0 700,000 1,700,000 0 $ 3,185,000 $ (400,000) (800,000) (1,000,000) (985,000) $ (3,185,000) a. Show how Procise derived its December 31, 2021, Investment in GaugeRite account balance. c. Prepare a consolidated worksheet for Procise and GaugeRite as of December 31, 2021. Accounts PROCISE AND SUBSIDIARY GAUGERITE Consolidated Worksheet for the year ended December 31, 2021 Consolidation Entries 12/31/21 12/31/21 Procise GaugeRite Debit Credit $ $ (3,500,000) (1,000,000) 1,600,000 630,000 350,000 130,000 7,000 190,000 30,000 (203,000) 0 203,000 $ (1,563,000) $ (210,000) Consolidated Totals $ (4,500,000) 2,230,000 487,000 Sales Cost of goods sold Depreciation expense Other operating expenses Subsidiary income Net Income $ (1,563,000) 800,000 Retained earnings 1/1/21 Net Income Dividends declared Retained earnings 12/31/21 $ (3,000,000) (1,563,000) 200,000 $(4,363,000) $ (800,000) (210,000) 25,000 $ (985,000) $ (3,000,000) (1,563,000) 200,000 $ 4,363,000 25,000 Cash $ $ 278,000 995,000 1,480,000 Accounts receivable Inventory Investment in GaugeRite Land Equipment (net) 228,000 840,000 900,000 2,257,000 3,500,000 4,785,000 50,000 155,000 580,000 0 700,000 1,700,000 25,000 2,282,000 4,200,000 6,527,000 49,000 7,000 700,000 1,700,000 7,000 Land Equipment (net) Goodwill Total assets 3,500,000 4,785,000 290,000 $ 12,800,000 49,000 230,000 4,200,000 6,527,000 520,000 $ 14,000,000 0 $ 3,185,000 $ $ (193,000) (3,094,000) (5,150,000) $ (400,000) (800,000) (593,000) (3,894,000) 5,150,000 Accounts payable Long-term debt Common stock-Procise Common stock, GaugeRite Retained earnings 12/31/21 Total liabilities and equity (1,000,000) 1,000,000 (4,363,000) (985,000) 4,363,000 $ 2,314,000 $ 2,314,000 $ (14,000,000) (12,800,000) (3,185,000)