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 $420,000. At the acquisition date, the fair value of the noncontrolling interest was $280,000 and Bellstar's book value was $550,000. Bellstar had developed internally a trademark that was not recorded on its books but had an acquisition-date fair value of $150,000. 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 $70,000 on January 2, 2023, for $140,000. Bellstar still holds this land at the end of the current year. Bellstar regularly transfers Inventory to Abbey. In 2023, it shipped Inventory costing $130,000 to Abbey at a price of $200,000. During 2024, Intra-entity shipments totaled $250,000, although the original cost to Bellstar was only $150,000. 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 $70,000 at the end of 2024. Items Sales Cost of goods sold Operating expenses Equity in earnings of Bellstar Net income Retained earnings, 1/1/24 Net income (above) Dividends declared Retained earnings, 12/31/24 Cash Accounts receivable Inventory Investment in Bellstar Land Buildings and equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, 12/31/24 Total liabilities and equities Note: Parentheses Indicate a credit balance. Required: Abbey Company Bellstar Company $ (850,000) 550,000 150,000 (90,000) $ (240,000) $ (1,166,000) (240,000) 140,000 $ (1,266,000) $ 174,000 366,000 440,000 813,000 160,000 501,000 $ 2,454,000 $ (548,000) (640,000) 0 (1,266,000) $ (550,000) 350,000 50,000 В $ (150,000) $ (645,000) (150,000) 50,000 $ (745,000) $ 60,000 460,000 370,000 8 440,000 350,000 $ 1,680,000 $ (475,000) (370,000) (90,000) (745,000) $ (2,454,000) $ (1,680,000) a. Prepare a worksheet to consolidate the separate 2024 financial statements for Abbey and Bellstar. b. How would the consolidation entries in requirement (a) have differed if Abbey had sold a building on January 2, 2023, with a $85,000 book value (cost of $190,000) to Bellstar for $150,000 Instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer.