On january 1, 2012, quickport company acquired 90 percent of the outstanding voting stock of netspeed, inc., for$810,000 in cash and stock options. at the acquisition date, netspeed had common stock of $800,000 and retainedearnings of 840,000. the acquisition- date fair value of the 10 percent noncontrolling interest was $90,000. quickportattributed the 860,000 excess of netspeed’s fair value over book value to a database with a 5-year remaininglife. during the next two years, netspeed reported the following: wdividt-mdsissopoo $8,000115,000 8,000on july 1, 2012, quickport sold communication equipment to netspeed for 842,000. the equipment originally cost$48,000 and had accumulated depreciation of $9,000 and an estimated remaining life of three years at the date of theintra-entity transfer. a. compute the equity method balance in quickport’s investment in netspeed, lnc-, account as of december 31,2013.b. prepare the worksheet adjustments for the december 31,2013, consolidation of quickport and netspeed.