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Check my wor On January 1, 2018, Access IT Company exchanged $930,000 for 30 percent of the outstanding voting stock of Net Connect Espe cially attractive to Access IT was a research project underway at Net Connect that would enhance both the speed and quantity of client-accessible data Although not recorded in Net Connect's financial records, the fair value of the research project was considered to be $2,570,000. In contractual agreements with the sole owner of the remaining 70 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 54,00034,000 930,000 974,000 1,059,000 909,000 149,000 49,000 329,000 Computer equipment Communications equipment Patent Total assets 3,926, 000 745,000 (609,000) Cosmon stock-Access IT (2, 590,000) (34,000) (402,000) (102,000) (3,926,000) (45,000) stock-Net Connect Retained earnings Total 1iabi1ities and equity Each of the above amounts represents a fair value at January 1, 2013 The fair value of the 70 percent of Net Connect shares not owned by Access IT was $2,170,000 Prepare an acquisition-date consolidated worksheet for Access IT and its variable interest entity (For accounts where multiple consolidation etries are reduired combine all debit entries into one amount and enter this amount in the debit column o the 1 of 1

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