On January $1,2023,$ Procise Corporation acquired $100$ percent of the outstanding voting stock of GaugeRite Corporation for $\backslash (\backslash$$ $2,040,050\backslash )$ cash. On the acquisition date, GaugeRite had the following balance sheet:

At the acquisition date, the following allocation was prepared:

Although at acquisition date Procise had expected $\backslash (\backslash$$ $44,250\backslash )$ in future benefits from GaugeRite's in$-$process research and development project, by the end of $2023$ it was apparent that the research project was a failure with no future economic benefits.

On December $31,2024,$ Procise and GaugeRite submitted the following financial statements for consolidation. There were no intraentity payables on that date.

Required:

a$.$ Show how Procise derived its December $31,2024,$ Investment in GaugeRite account balance.

c$.$ Prepare a consolidated worksheet for Procise and GaugeRite as of December $31,2024.$