Business, 13.03.2020 22:10 baltazmapa629n

In contractual agreements with the sole owner of the remaining 60 percent of Net Connect, Access IT was granted (1) various decision-making rights over Net Connect's operating decisions and (2) special service purchase provisions at below-market rates. As a result of these contractual agreements, Access IT established itself as the primary beneficiary of Net Connect. Immediately after the purchase, Access IT and Net Connect presented the following balance sheets: Access IT Net Connect Cash $ 58,000 $ 38,000 Investment in Net Connect 970,000 Capitalized software 978,000 153,000 Computer equipment 1,063,000 53,000 Communications equipment 913,000 333,000 Patent 188,000 Total assets $ 3,982,000 $ 765,000 Long-term debt $ (938,000 ) $ (613,000 ) Common stock-Access IT (2,630,000 ) Common stock-Net Connect (38,000 ) Retained earnings (414,000 ) (114,000 ) Total liabilities and equity $ (3,982,000 ) $ (765,000 ) Each of the above amounts represents a fair value at January 1, 2018. The fair value of the 60 percent of Net Connect shares not owned by Access IT was $1,455,000. Prepare an acquisition-date consolidated worksheet for Access IT and its variable interest entity.

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In contractual agreements with the sole owner of the remaining 60 percent of Net Connect, Access IT...

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