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On January 1,2024, Platform Company exchanged $1,020,000 for 30 percent of the outstanding voting stock of Vector Company. Especially attractive to Platform was a research project underway at Vector that would enhance both the speed and quantity of client-accessible data. Although not recorded in Vectors financial records, the fair value of the research project was considered to be $$2,720,000. Also Vector possessed unpatented technology with a fair value of $508,000. In contractual agreements with the sole owner of the remaining 70 percent of Vector, Platform was granted (1) various decision-making rights over Vectors operating decisions and (2) special service purchase provisions at below-market rates. As a result of these contractual agreements, Platform established itself as the primary beneficiary of Vector. Immediately after the purchase, Platform and Vector presented the following balance sheets: (Note: Parentheses indicate credit balances.) AccountsPlatformVectorCash$ 63,000$ 43,000Investment in Vector1,020,0000Capitalized software983,000158,000Computer equipment1,068,00058,000Communications equipment918,000338,000Patent0193,000Total assets$ 4,052,000$ 790,000Long-term debt$ (943,000)$ (618,000)Common stock-Platform(2,680,000)0Common stock-Vector0(43,000)Retained earnings(429,000)(129,000)Total liabilities and equity$ (4,052,000)$ (790,000) Each of the above amounts represents a fair value at January 1,2024. The fair value of the 70 percent of Vector shares not owned by Platform was estimated at $2,380,000. Required: Prepare an acquisition-date consolidation worksheet for Platform and its variable interest entity.

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