Answer to "A" is $162,400

Smith, Inc., has the following stockholders' equity accounts as of January 1, 2014 Preferred stock-S140 par, nonvoting and nonparticipating, 8 percent cumulative dividend 2,030,000 4,030,000 Common stock $25 par value Retained earnings 10,030,000 Haried Company purchases all of Smith's common stock on January 1, 2014, for $14,150,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year remaining life. During 2014, Smith reports earning $480,000 in net income and declares $390,000 in cash dividends. Harried applies the equity method to this investment. a. What is the noncontrolling interest's share of consolidated net income for this period? Net income noncontrolling interest's share b. What is the balance in the Investment in Smith account as of December 31, 2014? Investment in Smith account c. What consolidation entries are needed for 2014? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)