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Question - On January 1, 2017, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $688,000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $172,000 and Rockne's assets and liabilities had a collective net fair value of $860,000. Doone uses the equity method In its Internal records to account for Its Investment In Rockne. Rockne reports net Income of $320,000 in 2018. Since being acquired, Rockne has regularly supplied Inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $380,000 In 2017 and $480,000 In 2018, Approximately 30 percent of the inventory purchased during any one year is not used until the following year.
Required -
a. What is the noncontrolling interest's share of Rockne's 2018 Income?
b. Prepare Doone's 2018 consolidation entries required by the Intra-entity Inventory transfers.
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