$**$Just need help with B please$**$

On January $1,2023,$ Corgan Company acquired $80$ percent of the outstanding voting stock of Smashing, Incorporated, for a total of $\backslash (\backslash$$ $1,560,000\backslash )$ in cash and other consideration. At the acquisition date, Smashing had common stock of $\backslash (\backslash$$ $900,000\backslash ),$ retained earnings of $\backslash (\backslash$$ $450,000\backslash ),$ and a noncontrolling interest fair value of $\backslash (\backslash$$ $390,000\backslash ).$ Corgan attributed the excess of fair value over Smashing's book value to various covenants with a $20-$year remaining life. Corgan uses the equity method to account for its investment in Smashing.

During the next two years, Smashing reported the following:

Corgan sells inventory to Smashing using a $60$ percent markup on cost$.$ At the end of $2023$ and $2024,40$ percent of the current year purchases remain in Smashing's inventory.

Required:

a$.$ Compute the equity method balance in Corgan's Investment in Smashing, Incorporated, account as of December $31,2024.$

b$.$ Prepare the worksheet adjustments for the December $31,2024,$ consolidation of Corgan and Smashing.

Complete this question by entering your answers in the tabs below.

Prepare the worksheet adjustments for the December $31,2024,$ consolidation of Corgan and Smashing.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Consolidation

Worksheet Entries

Note: Enter debits before credits.

Prepare the worksheet adjustments for the December $31,2024,$ consolidation of Corgan and Smashi

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first ac

$1$ Prepare entry $*$G

$2$ Prepare entry S

$3$ Prepare entry A

$4$ Prepare entry I

$5$ Prepare entry D

$6$ Prepare Entry E

$7$ Prepare entry TI

$8$ Prepare entry G

Note : $=$ journal entry has been entered