On January 1, 2022, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company’s financial records by $30,000. This patent had a 5-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns net income and declares cash dividends as follows:

On December 31, 2024, Telconnect owes $22,000 to Bandmor.a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2024?b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2024 consolidation?c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2024 consolidation?d. What noncontrolling interest balances will appear in consolidated financial statements for 2024?

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Year 2022 2023 2024 Net Income $ 75,000 96,000 110,000 Dividends $39,000 44,000 60,000