Interpretation of Noncontrolling Interest information in financial statements Verizon reports the following information in its December 31 annual reports: According to the footnotes in Verizon's 2014 annual report, on February 21, 2014, Verizon acquired from Vodafone for $130 billion the 45% interest in Verizon Wireless that Verizon did not already own. Note 6 to Verizon's 2014 financial statements includes the following detail of its noncontrolling interest (in millions): Prepare the journal entry related to the $2, 331 million Net Income Attributable to Noncontrolling Interest. Is this journal entry recorded in the books of the parent or subsidiary? Is this amount equal to the subsidiary net income multiplied by the proportionate ownership of the noncontrolling interest? To what do the $(1, 550) million Distributions relate? By what amount did this affect the Net Income Attributable to Noncontrolling Interest? Pursuant to the acquisition of the 45% noncontrolling interest from Vodafone, were Verizon Wireless' net assets revalued and was a gain or loss recognized by Verizon? Explain your answer. If your answer is "no, " explain what would need to happen for Verizon Wireless' net assets to be revalued and for a gain or loss to be recognized by Verizon. Where is the ending balance of $1, 378 million reported in Verizon's financial statements