On January QuickPort Company acquired percent of the outstanding voting stock of NetSpeed, Inc., for $ in cash and stock options. At the acquisition date, NetSpeed had common stock of $ and Retained Earnings of $ The acquisitiondate fair value of the percent noncontrolling interest was $ QuickPort attributed the $ excess of NetSpeed's fair value over book value to a database with a fiveyear remaining life.
During the next two years, NetSpeed reported the following:
Net Income Dividends Declared
$ $
On July QuickPort sold communication equipment to NetSpeed for $ The equipment originally cost $ and had accumulated depreciation of $ and an estimated remaining life of three years at the date of the intraentity transfer.
Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December
Prepare the worksheet adjustments for the December consolidation of QuickPort and NetSpeed.
